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Type: Journal article
Title: The role of preference shocks and capital utilization in the great depression
Author: Weder, M.
Citation: International Economic Review, 2006; 47(4):1247-1268
Publisher: Univ Penn
Issue Date: 2006
ISSN: 0020-6598
Abstract: The article examines the proposition that preference shocks play a central role in our understanding of the Great Depression. I identify a series of unusually large negative shocks that destabilized the U.S. economy during the 1930s. When the artificial economy is paired with variable capital utilization and mildly increasing returns to scale in production, it is able to account for most of the decline in economic activity and it predicts a tepid recovery.
Description: The definitive version is available at
DOI: 10.1111/j.1468-2354.2006.00412.x
Published version:
Appears in Collections:Aurora harvest 2
Economics publications

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