Department of Economics and Business Economics

American business cycles 1889–1913: An accounting approach

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American business cycles 1889–1913 : An accounting approach. / Jiang, Dou; Weder, Mark.

In: Journal of Macroeconomics, Vol. 67, 103285, 03.2021.

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Jiang, Dou ; Weder, Mark. / American business cycles 1889–1913 : An accounting approach. In: Journal of Macroeconomics. 2021 ; Vol. 67.

Bibtex

@article{7ea305f0ffc946de954c60b0fb704d4d,
title = "American business cycles 1889–1913: An accounting approach",
abstract = "This paper quantitatively investigates the Depression of the 1890s and the 1907 recession in the United States. Business Cycle Accounting decomposes economic fluctuations into their contributing factors. The results suggest that both the 1890s and the 1907 recessions were primarily caused by factors that affect the efficiency wedge, i.e. slumps in the economy's factor productivity. Distortions to the labor wedge played a less important role. Models with financial market frictions that translate into the efficiency wedge are the most promising candidates for explaining the recessionary episodes.",
keywords = "Business cycles, Depression of the 1890s, Recession of 1907",
author = "Dou Jiang and Mark Weder",
note = "Funding Information: Weder acknowledges generous support from the Australian Research Council, under the grant DP140102869 and would like to thank the Bank of Finland for its hospitality and for providing an excellent research environment. Publisher Copyright: {\textcopyright} 2020 Copyright: Copyright 2020 Elsevier B.V., All rights reserved.",
year = "2021",
month = mar,
doi = "10.1016/j.jmacro.2020.103285",
language = "English",
volume = "67",
journal = "Journal of Macroeconomics",
issn = "0164-0704",
publisher = "Elsevier BV",

}

RIS

TY - JOUR

T1 - American business cycles 1889–1913

T2 - An accounting approach

AU - Jiang, Dou

AU - Weder, Mark

N1 - Funding Information: Weder acknowledges generous support from the Australian Research Council, under the grant DP140102869 and would like to thank the Bank of Finland for its hospitality and for providing an excellent research environment. Publisher Copyright: © 2020 Copyright: Copyright 2020 Elsevier B.V., All rights reserved.

PY - 2021/3

Y1 - 2021/3

N2 - This paper quantitatively investigates the Depression of the 1890s and the 1907 recession in the United States. Business Cycle Accounting decomposes economic fluctuations into their contributing factors. The results suggest that both the 1890s and the 1907 recessions were primarily caused by factors that affect the efficiency wedge, i.e. slumps in the economy's factor productivity. Distortions to the labor wedge played a less important role. Models with financial market frictions that translate into the efficiency wedge are the most promising candidates for explaining the recessionary episodes.

AB - This paper quantitatively investigates the Depression of the 1890s and the 1907 recession in the United States. Business Cycle Accounting decomposes economic fluctuations into their contributing factors. The results suggest that both the 1890s and the 1907 recessions were primarily caused by factors that affect the efficiency wedge, i.e. slumps in the economy's factor productivity. Distortions to the labor wedge played a less important role. Models with financial market frictions that translate into the efficiency wedge are the most promising candidates for explaining the recessionary episodes.

KW - Business cycles

KW - Depression of the 1890s

KW - Recession of 1907

UR - http://www.scopus.com/inward/record.url?scp=85098649101&partnerID=8YFLogxK

U2 - 10.1016/j.jmacro.2020.103285

DO - 10.1016/j.jmacro.2020.103285

M3 - Journal article

AN - SCOPUS:85098649101

VL - 67

JO - Journal of Macroeconomics

JF - Journal of Macroeconomics

SN - 0164-0704

M1 - 103285

ER -