AGRICULTURAL CRISES AND THE INTERNATIONAL TRANSMISSION OF THE GREAT DEPRESSION

Jakob Bruechner Madsen

60 citations0/0 files storedThe Journal of Economic History

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Historical Economic and Social Studies Monetary Policy and Economic Impact Economic Theory and Policy

Abstract

This article examines the role of the agricultural crisis in the international transmission of the Great Depression and assesses the direct and indirect macroeconomic effects of the agricultural price decline. Using panel data for 16 countries, it is shown that the decline in agricultural prices adversely affected the general price level, consumption and investment. Furthermore, it is shown that the agricultural price decline was an important vehicle by which the Depression was transmitted internationally.

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1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1936The General Theory of Employment, Interest and Money.1933The Modern Corporation and Private Property 1999The Science of Monetary Policy: A New Keynesian Perspective 1988Estimating Vector Autoregressions with Panel Data 1978Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence 1933The Debt-Deflation Theory of Great Depressions 2017A Monetary History of the United States, 1867-1960

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