Why Did Prices Rise in the 1930s
Bibliographic Data
| ID | 4752045 |
|---|---|
| Authors | Christina D Romer, Christina Romer (0000-0001-6615-5249, University of California, Berkeley, corresponding author) |
| Year | 1999 |
| Volume | 59 |
| Issue | 1 |
| Pages | 167-199 |
| Publication date | 1999-03-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050700022336 |
| OpenAlex | W2051273106 |
| Language | EN |
| Citations received | 9 |
| References cited | 18 |
Prices rose in most years between 1933 and 1941 even though output was substantially below trend. This inflation cannot be explained as simply the effect of devaluation and changes in expectations. Rather, because prewar price changes depended significantly on the growth rate of real output, the extraordinarily rapid growth after 1933 was an important force leading to inflation. At the same time, the NIRA, by encouraging minimum wages and collusive pricing arrangements, caused a crucial diminution of the usual deviation-from-trend effect. The conjunction of these forces caused inflation at a time when the U.S. economy remained depressed
Devaluation · Economics · Exchange rate · Inflation (cosmology) · Keynesian economics · Macroeconomics · Monetary economics · Economic Theory and Institutions · Economic Theory and Policy · Monetary Policy and Economic Impact
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| Unique citing works | 9 |
|---|---|
| Citations per year | 0,36 |
| Citation span | 2001 - 2020 (20) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 8 |