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      Income uncertainty and consumer spending during the great depression

      Greasley, David; Madsen, Jakob B.; Oxley, Les
      DOI
       10.1006/exeh.2000.0751
      Link
       www.sciencedirect.com
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      Citation
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      Greasley, D., Madsen, J. B., & Oxley, L. (2001). Income Uncertainty and Consumer Spending during the Great Depression. Explorations in Economic History, 38(2), 225-251.
      Permanent Research Commons link: https://hdl.handle.net/10289/8166
      Abstract
      Romer's (1990) influential hypothesis argues that uncertainty associated with the stock market crash in October 1929 caused a collapse in durable goods spending in 1930. On the basis of alternative indicators of uncertainty, new measures of expenditures, and two models of consumption, we contend that income uncertainty also reduced nondurable spending and had powerful detrimental effects beyond 1930. Income uncertainty peaked in the year following the gold standard crisis of September 1931 and contributed substantially to the more severe durable and nondurable spending declines of 1932.
      Date
      2001
      Type
      Journal Article
      Publisher
      Elsevier
      Collections
      • Management Papers [1125]
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