Journal Article

The Great Depression in Sweden as a wage coordination failure

Klas Fregert

in European Review of Economic History

Volume 4, issue 3, pages 341-360
Published in print December 2000 | ISSN: 1361-4916
Published online December 2000 | e-ISSN: 1474-0044 | DOI: https://dx.doi.org/10.1017/S1361491600000101
The Great Depression in Sweden as a wage coordination failure

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Recent research on the Great Depression has concluded that a worldwide decline in aggregate demand, emanating from the United States, was propagated into a fall in real activity through sticky nominal wages. The question remains: Why were nominal wages so sticky? Based on a wide range of evidence for Sweden, I argue that the 1930s depression is compatible with a coordination failure in wage setting, as first suggested by Keynes.

Journal Article.  0 words. 

Subjects: Industrial History ; Labour History ; Economic History

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