Price and wage stickiness during the Great Depression

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Abstract

This article examines the relative importance of sticky wages and sticky prices in explaining the length and the depth of the Great Depression. Econometric evidence shows that the supply failure was an outcome of widespread price stickiness and that wage stickiness only played a minor role as a propagating factor during the first years of the Depression. Microeconomic evidence suggests that there was widespread and increasing industrial concentration during the interwar period.

Original languageEnglish
Pages (from-to)263-295
Number of pages33
JournalEuropean Review of Economic History
Volume8
Issue number3
DOIs
Publication statusPublished - 1 Dec 2004

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