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dc.contributor.authorCrucini, Mario J.en_US
dc.contributor.authorKahn, Jamesen_US
dc.date.accessioned2012-08-17T14:26:23Z-
dc.date.available2012-08-17T14:26:23Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/60615-
dc.description.abstractDrawing on recent business cycle research on the Great Depression, we return to an argument we advanced in a 1996 article in the Journal of Monetary Economics—the argument that features of the Hawley-Smoot tariffs could have done more to decrease economic activity than is customarily believed, though not enough to account for the severe decline of the early 1930s. Here we reformulate our argument in a business cycle accounting framework that apportions fluctuations between three types of wedges: (productive) inefficiency, the consumption-leisure margin, and intertemporal inefficiency. Tariff increases in our model correspond primarily to productive inefficiency in a prototype one-sector model. Moreover, the wedge implied by tariffs during the Depression correlates well with the overall measure of productive inefficiency. Our model fails to produce a labor wedge of any consequence—persuasive evidence that factors other than tariffs also contributed significantly to the severity of the Depression.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 172en_US
dc.subject.jelE3en_US
dc.subject.jelF4en_US
dc.subject.jelN1en_US
dc.subject.ddc330en_US
dc.subject.stwKonjunkturen_US
dc.subject.stwZollen_US
dc.subject.stwZolltarifen_US
dc.subject.stwAußenhandelsgeschichteen_US
dc.subject.stwIndustriestaatenen_US
dc.titleTariffs and the Great Depression revisiteden_US
dc.typeWorking Paperen_US
dc.identifier.ppn379901838en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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