scholarly journals Long-term supply-side implications of the Great Depression

2010 ◽  
Vol 26 (3) ◽  
pp. 561-580 ◽  
Author(s):  
L. Hannah ◽  
P. Temin
Keyword(s):  
Great Depression ◽  
Supply Side ◽  
The Great Depression

scholarly journals From Material to Non-Material Needs? The Evolution of Mate Preferences through the Twentieth Century in France

2021 ◽  
pp. 1-41
Author(s):  
Quentin Lippmann
Keyword(s):  
Twentieth Century ◽  
Great Depression ◽  
Mate Preferences ◽  
Demographic Changes ◽  
French Society ◽  
The Great Depression ◽  
Economic Boom ◽  
Economic Criteria

This paper studies the evolution of mate preferences throughout the twentieth century in France. I digitized all the matrimonial ads published in France’s best-selling monthly magazine from 1928 to 1994. Using dictionary-based methods, I show that mate preferences were mostly stable during the Great Depression, WWII, and the ensuing economic boom. These preferences started transforming in the late 1960s when economic criteria were progressively replaced by personality criteria. The timing coincides with profound family and demographic changes in French society. These findings suggest that, in the search for a long-term partner, non-material needs have replaced material ones.

From the Keynesian to the Supply-Side Revolution

2020 ◽  
pp. 51-63
Author(s):  
Vito Tanzi
Keyword(s):  
Great Depression ◽  
Labor Unions ◽  
Rational Expectations ◽  
Welfare States ◽  
Supply Side ◽  
Tax Rates ◽  
Laffer Curve ◽  
The Great Depression ◽  
Marginal Tax Rates ◽  
The Impact

This chapter considers the impact of the Great Depression, Keynes’ countercyclical policies, and the Keynesian Revolution. It also looks at the growth of welfare states and of taxes, increasing levels of marginal tax rates and the increasing power of labor unions. This chapter deals with the beginnings of a conservative counter-revolution. New theories, such as growing influence of. the Ricardian Equivalence Hypothesis, Rational Expectations theory, and the Laffer Curve were having a growing influence. Several countries experienced stagflation in the late 1970s. The 1970s included the rise of conservative politicians the arrival of the supply-side revolution and an attempted return to some laissez faire policies. This in turn led to attacks on regulations and on high marginal tax rates. Finally, the chapter heralds the growth of globalization.

Unemployment and Real Wages in the Great Depression

2010 ◽  
Vol 214 ◽  
pp. R51-R61
Author(s):  
Solomos Solomou ◽  
Martin Weale
Keyword(s):  
United States ◽  
United Kingdom ◽  
Great Depression ◽  
The United States ◽  
Supply Side ◽  
Real Wages ◽  
The Great Depression ◽  
Advanced Economies ◽  
Econometric Evidence

This article uses a dataset covering ten advanced economies (Australia, Belgium, Canada, France, Germany, Netherlands, Norway, Sweden, United Kingdom and the United States) to explore the role of real wages as an influence on employment and unemployment in the Great Depression and more generally in the 1920s and 1930s. The distinction between employment and unemployment movements during the Great Depression helps to clarify the role of supply side influences on the national heterogeneity of unemployment increases during the Great Depression. We find little general econometric evidence for the idea that movements in product wages had strong influences on employment either during the period of rising unemployment associated with the depression of the 1930s or more generally with the data which exist for the 1920s and 1930s.

scholarly journals Relationship Lending and the Great Depression

2020 ◽  
pp. 1-45 ◽  
Author(s):  
Jon Cohen ◽  
Kinda Hachem ◽  
Gary Richardson
Keyword(s):  
Great Depression ◽  
Banking Sector ◽  
Relationship Lending ◽  
Historical Evidence ◽  
Lending Relationships ◽  
Real Effects ◽  
The Great Depression ◽  
Bank Funding ◽  
Level Of Aggregation

The collapse of long-term lending relationships amplified the Great Depression. We demonstrate this by developing a new measure of lending relationships that can be calculated from widely available data at any level of aggregation. Our approach exploits differences in the responsiveness of loan rates to bank funding costs and is supported by historical evidence and theoretical arguments. The new measure reveals that the marginal impact of bank suspensions on economic activity was higher in more relationship-intensive areas, providing the first formal evidence that relationship lending propagated the real effects of banking sector distress in the early 1930s.

Payout Yields and Stock Return Predictability: How Important Is the Measure of Cash Flow?

2017 ◽  
Vol 52 (4) ◽  
pp. 1639-1666 ◽  
Author(s):  
Gregory W. Eaton ◽  
Bradley S. Paye
Keyword(s):  
Great Depression ◽  
Cash Flow ◽  
Optimal Policy ◽  
Stock Return ◽  
Return Predictability ◽  
Stock Return Predictability ◽  
The Great Depression ◽  
Forecasting Performance ◽  
Hedging Demand

We compare the stock return forecasting performance of alternative payout yields. The net payout yield produces more accurate forecasts relative to alternatives, including the traditional dividend yield. This remains true even after excluding several years during the Great Depression when issuance was unusually high. The measure of cash flow used to form the yield matters economically. Long-term investors’ hedging demand for stock is considerably reduced when net payout, rather than dividends, serves as the cash-flow measure. An agent relying on an incorrect payout measure is willing to pay an economically significant “management fee” to switch to the optimal policy.

READING KEYNES AT THE ZERO LOWER BOUND: THE GREAT DEPRESSION, THE LIQUIDITY TRAP, AND UNCONVENTIONAL POLICY

2018 ◽  
Vol 40 (3) ◽  
pp. 301-334 ◽  
Author(s):  
Richard Sutch
Keyword(s):  
Monetary Policy ◽  
Lower Bound ◽  
Interest Rates ◽  
Great Depression ◽  
Zero Lower Bound ◽  
Liquidity Trap ◽  
The Great Depression ◽  
Nominal Interest Rates

John Maynard Keynes’s analysis of the Great Depression has strong parallels to recent theorizing about the post-2008 Great Recession. There are also remarkable similarities between the two historical episodes: the collapse of demand for new fixed investment, the role of the zero lower bound liquidity trap in hampering conventional monetary policy, the multi-year period of near-zero short-term rates, and the protracted period of subnormal prosperity. A major difference between then and now is that monetary authorities in the recent situation actively pursued an unconventional policy with massive purchases of long-term securities. Keynes couldn’t convince authorities of his era to pursue such a plan, but it was precisely the monetary policy he advocated for a depressed economy stuck at the zero lower bound of nominal interest rates.

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