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Farm Product Prices, Redistribution, and the Early U.S. Great Depression / Joshua K. Hausman, Paul W. Rhode, Johannes F. Wieland.
- Format:
- Book
- Author/Creator:
- Hausman, Joshua K.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w28055.
- NBER working paper series no. w28055
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2020.
- Summary:
- We argue that falling farm product prices, incomes, and spending may explain 10-30 percent of the 1930 U.S. output decline. Crop prices collapsed, reducing farmers' incomes. And across U.S. states and Ohio counties, auto sales fell most in crop-growing areas. The large spending response may be explained by farmers' indebtedness. Reasonable assumptions about the marginal propensity to spend of farmers relative to nonfarmers and the pass-through of farm prices to retail prices imply that the collapse of farm product prices in 1930 was a powerful propagation mechanism worsening the Depression.
- Notes:
- Print version record
- November 2020.
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