Technology Shocks and the Great Depression
Bibliographic Data
| ID | 5752985 |
|---|---|
| Authors | Shingo Watanabe (0000-0002-2228-0088, Bank of Japan, corresponding author) |
| Year | 2016 |
| Volume | 76 |
| Issue | 3 |
| Pages | 909-933 |
| Publication date | 2016-09-01 |
| 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/s0022050716000772 |
| OpenAlex | W2514704344 |
| Language | EN |
| Citations received | 2 |
| References cited | 39 |
Standard productivity measures indicate large fluctuations in technology during the Great Depression. This article's historical technology series (1892-1966), controlled for aggregation effects, varying input utilization, non-constant returns, and imperfect competition, does not indicate technology regress such that could trigger the downturn. In contrast, technology improvements in the recovery were so rapid that, over the whole Great Depression period, technology growth was highest among pre-WWII decades. This article also finds that output changed little and inputs fell when technology improved in the pre-WWII period. Real-business-cycle models have difficulty in explaining pre-WWII business cycles characterized by such responses
Business cycle · Competition (biology) · Depression (economics) · Economics · Fell · Geography · Great Depression · Imperfect competition · Keynesian economics · Macroeconomics · Monetary policy · Neoclassical economics · Political science · Productivity · Recession · Technology shock · World War II · Economic Growth and Productivity · Market Dynamics and Volatility · Monetary Policy and Economic Impact
The Band Pass Filter
Are Technology Improvements Contractionary?
The Great Crash and the Onset of the Great Depression
Technology, Employment, and the Business Cycle
NBER Macroeconomics Annual 2005
The Input-Output Approach to Instrument Selection
Sources of Output Fluctuations During the Interwar Period
Technical Change and the Aggregate Production Function
The Estimation of Prewar Gross National Product
Returns to Scale in U.S. Production
The Dynamic Effects of Neutral and Investment‐Specific Technology Shocks
Did Technology Shocks Drive the Great Depression? Explaining Cyclical Productivity Movements in U.S. Manufacturing, 1919–1939
Technological Change and U.S. Productivity Growth in the Interwar Years
What Ended the Great Depression
Intra-Industry Heterogeneity and the Great Depression
The end of one big deflation
Productivity Trends in the United States
The supply of gold under the pre-1914 gold standard
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,2 |
| Citation span | 2016 - 2023 (8) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 2 |