The Great U.K. Depression: A Puzzle and Possible Resolution

The UK 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, is the most plausible candidate explanation for this depression. We also find that the conventional Keynesian monetary story for this period is unconvincing. (Copyright: Elsevier)

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Year of publication:	2002
Authors:	Cole, Harold L. ; Ohanian, Lee E.
Published in:	Review of Economic Dynamics. - Society for Economic Dynamics - SED. - Vol. 5.2002, 1, p. 19-44
Publisher:	Society for Economic Dynamics - SED
Subject:	unemployment benefits \| sectoral shocks \| workweek restriction

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Extent:	application/pdf
Type of publication:	Article
Notes:	Published
Other identifiers:	10.1006/redy.2001.0140 [DOI]
Classification:	E30 - Prices, Business Fluctuations, and Cycles. General ; E24 - Employment; Unemployment; Wages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005069702