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Recovery of 1933

Author: Margaret M Jacobson; Eric Michael Leeper; Bruce Preston; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2019.
Series: Working paper series (National Bureau of Economic Research), no. 25629.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
When Roosevelt abandoned the gold standard in April 1933, he converted what had been effectively real government debt into nominal government debt to open the door to unbacked fiscal expansion. We argue that he followed a state-contingent fiscal rule that ran nominal-debt-financed primary deficits until the price level rose and economic activity recovered. Theory suggests that government spending multipliers can be  Read more...
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Details

Genre/Form: History
Named Person: Franklin D Roosevelt; Franklin D Roosevelt
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Margaret M Jacobson; Eric Michael Leeper; Bruce Preston; National Bureau of Economic Research,
OCLC Number: 1089756662
Notes: "March 2019"
Includes online appendix (62 pages).
Description: 1 online resource (47 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 25629.
Responsibility: Margaret M. Jacobson, Eric M. Leeper, Bruce Preston.

Abstract:

When Roosevelt abandoned the gold standard in April 1933, he converted what had been effectively real government debt into nominal government debt to open the door to unbacked fiscal expansion. We argue that he followed a state-contingent fiscal rule that ran nominal-debt-financed primary deficits until the price level rose and economic activity recovered. Theory suggests that government spending multipliers can be substantially larger when fiscal expansions are unbacked than when they are tax-backed. VAR estimates find that primary deficits made quantitatively important contributions to raising both the price level and real GNP from 1933 through 1937. The evidence does not support the conventional monetary explanation that gold revaluation and gold inflows, which were permitted to raise the monetary base, drove the recovery independently of fiscal actions.

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Primary Entity<\/h3>\n
<http:\/\/www.worldcat.org\/oclc\/1089756662<\/a>> # Recovery of 1933<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:CreativeWork<\/a>, schema:MediaObject<\/a>, schema:Book<\/a> ;\u00A0\u00A0\u00A0\nlibrary:oclcnum<\/a> \"1089756662<\/span>\" ;\u00A0\u00A0\u00A0\nlibrary:placeOfPublication<\/a> <http:\/\/id.loc.gov\/vocabulary\/countries\/mau<\/a>> ;\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/economic_history<\/a>> ; # Economic history<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/monetary_policy_econometric_models<\/a>> ; # Monetary policy--Econometric models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/depressions_1929_united_states_econometric_models<\/a>> ; # Depressions--1929--United States--Econometric models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/gold_standard_econometric_models<\/a>> ; # Gold standard--Econometric models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/fiscal_policy_econometric_models<\/a>> ; # Fiscal policy--Econometric models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/gold_standard_united_states_history_20th_century_econometric_models<\/a>> ; # Gold standard--United States--History--20th century--Econometric models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Place\/united_states<\/a>> ; # United States.<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/fiscal_policy_united_states_history_20th_century_econometric_models<\/a>> ; # Fiscal policy--United States--History--20th century--Econometric models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/debts_public_united_states_history_20th_century_econometric_models<\/a>> ; # Debts, Public--United States--History--20th century--Econometric models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/monetary_policy_united_states_history_20th_century_econometric_models<\/a>> ; # Monetary policy--United States--History--20th century--Econometric models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/depressions_econometric_models<\/a>> ; # Depressions--Econometric models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Event\/1900_1999<\/a>> ; # 1900-1999<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/debts_public_econometric_models<\/a>> ; # Debts, Public--Econometric models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Person\/roosevelt_franklin_d_franklin_delano_1882_1945<\/a>> ; # Franklin Delano Roosevelt<\/span>\n\u00A0\u00A0\u00A0\nschema:author<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Person\/preston_bruce_bruce_j<\/a>> ; # Bruce J. Preston<\/span>\n\u00A0\u00A0\u00A0\nschema:author<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Person\/jacobson_margaret_m_1989<\/a>> ; # Margaret M. Jacobson<\/span>\n\u00A0\u00A0\u00A0\nschema:author<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Person\/leeper_eric_michael<\/a>> ; # Eric Michael Leeper<\/span>\n\u00A0\u00A0\u00A0\nschema:bookFormat<\/a> schema:EBook<\/a> ;\u00A0\u00A0\u00A0\nschema:datePublished<\/a> \"2019<\/span>\" ;\u00A0\u00A0\u00A0\nschema:description<\/a> \"When Roosevelt abandoned the gold standard in April 1933, he converted what had been effectively real government debt into nominal government debt to open the door to unbacked fiscal expansion. We argue that he followed a state-contingent fiscal rule that ran nominal-debt-financed primary deficits until the price level rose and economic activity recovered. Theory suggests that government spending multipliers can be substantially larger when fiscal expansions are unbacked than when they are tax-backed. VAR estimates find that primary deficits made quantitatively important contributions to raising both the price level and real GNP from 1933 through 1937. The evidence does not support the conventional monetary explanation that gold revaluation and gold inflows, which were permitted to raise the monetary base, drove the recovery independently of fiscal actions.<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:exampleOfWork<\/a> <http:\/\/worldcat.org\/entity\/work\/id\/8979263981<\/a>> ;\u00A0\u00A0\u00A0\nschema:genre<\/a> \"History<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:inLanguage<\/a> \"en<\/span>\" ;\u00A0\u00A0\u00A0\nschema:isPartOf<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Series\/working_paper_series_national_bureau_of_economic_research<\/a>> ; # Working paper series (National Bureau of Economic Research) ;<\/span>\n\u00A0\u00A0\u00A0\nschema:isPartOf<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Series\/nber_working_paper_series<\/a>> ; # NBER working paper series ;<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"Recovery of 1933<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:productID<\/a> \"1089756662<\/span>\" ;\u00A0\u00A0\u00A0\nschema:publisher<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Organization\/national_bureau_of_economic_research<\/a>> ; # National Bureau of Economic Research,<\/span>\n\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/papers.nber.org\/papers\/25629<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/www.nber.org\/papers\/w25629<\/a>> ;\u00A0\u00A0\u00A0\nwdrs:describedby<\/a> <http:\/\/www.worldcat.org\/title\/-\/oclc\/1089756662<\/a>> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n\n

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<http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Person\/leeper_eric_michael<\/a>> # Eric Michael Leeper<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"Leeper<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"Eric Michael<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Eric Michael Leeper<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
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<http:\/\/experiment.worldcat.org\/entity\/work\/data\/8979263981#Topic\/monetary_policy_united_states_history_20th_century_econometric_models<\/a>> # Monetary policy--United States--History--20th century--Econometric models<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Monetary policy--United States--History--20th century--Econometric models<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
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