The role of preference shocks and capital utilization in the great depression

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dc.contributor.authorWeder, M.
dc.date.issued2006
dc.descriptionThe definitive version is available at www.blackwell-synergy.com
dc.description.abstractThe 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.
dc.identifier.citationInternational Economic Review, 2006; 47(4):1247-1268
dc.identifier.doi10.1111/j.1468-2354.2006.00412.x
dc.identifier.issn0020-6598
dc.identifier.issn1468-2354
dc.identifier.urihttp://hdl.handle.net/2440/22813
dc.language.isoen
dc.publisherUniv Penn
dc.source.urihttp://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-2354.2006.00412.x
dc.titleThe role of preference shocks and capital utilization in the great depression
dc.typeJournal article
pubs.publication-statusPublished

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