Journal Article
The recession of 1937 - a cautionary tale
Abstract: This article reviews the competing explanations offered for the recession of 1937, which interrupted the recovery from the Great Depression. One explanation, increases in labor costs due to the New Deal's industrial policies, fails to account for the full extent of the downturn and for the ensuing recovery. In contrast, monetary policy and fiscal policy seem to capture the downturn?although not its precise timing?and the recovery.
Keywords: Recessions; Monetary policy;
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Bibliographic Information
Provider: Federal Reserve Bank of Chicago
Part of Series: Economic Perspectives
Publication Date: 2009
Volume: 33
Issue: Q IV