The Great UK Depression: A puzzle and possible resolution

被引：26

作者：

Cole, HL ^{[1
]}

Ohanian, LE

机构：

[1] Fed Reserve Bank Minneapolis, Res Dept, Minneapolis, MN 55480 USA

[2] Univ Calif Los Angeles, Dept Econ, Los Angeles, CA 90095 USA

来源：

REVIEW OF ECONOMIC DYNAMICS | 2002年 / 5卷 / 01期

基金：

美国国家科学基金会;

关键词：

unemployment benefits; sectoral shocks; workweek restriction;

D O I：

10.1006/redy.2001.0140

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The United Kingdom was depressed for 20 years between the two world wars. The decrease in output was entirely due to lower hours per worker and lower employment. Our main finding is that generous unemployment benefits, in conjunction with large negative sectoral shocks, are the most plausible candidate explanation for this depression. We also find that the conventional Keynesian monetary story for this period is unconvincing. (C) 2002 Elsevicr Science.

引用

页码：19 / 44

页数：26

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