作者：ROMER, CD
摘要：This paper examines the role of aggregate-demand stimulus in ending the Great Depression. Plausible estimates of the effects of fiscal and monetary changes indicate that nearly all the observed recovery of the U.S. economy prior to 1942 was due to monetary expansion. A huge gold inflow in the mid- and late 1930s swelled the money stock and stimulated the economy by lowering real interest rates and encouraging investment spending and purchases of durable goods. That monetary developments were c...
作者：National Bureau of Economic Research
摘要：Early twentieth-century social reformers claimed that public insurance was necessary because employers ignored the financial needs of their unemployed, injured, or ill workers. Reformers dismissed the idea that competition in the labor market would boost the wages of workers who faced greater chances of job-related financial distress. This article reports a test of the compensating-wage-difference hypothesis on wage samples of men, women, and children from 1884 to 1903. We found mixed support ...
作者：University of Texas System; University of Texas Austin
摘要：This article examines the contribution of government policies to the high number of bank failures in the United States during the 1920s. In the state of Kansas, which had a system of voluntary deposit insurance and where branch banking was strictly prohibited, bank failure rates were highest in counties suffering the greatest agricultural distress and where deposit insurance system membership was highest. The evidence for Kansas illustrates how prohibitions on branch banking caused unit banks ...
