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An Empirical Analysis of Uncertainty and Investment During the Great Depression

Published online by Cambridge University Press:  03 March 2009

David A. Zalewski
David A. Zalewski
Affiliation:
Providence College
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Abstract

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Type
Summary of Doctoral Dissertations
Information
The Journal of Economic History , Volume 54 , Issue 2 , June 1994 , pp. 428 - 429
Copyright
Copyright © The Economic History Association 1994

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References

1 This dissertation was completed in May 1993 in the Department of Economics at Clark University under the direction of J. Peter Ferderer, John C. Brown, and Attiat F. Ott.

2 Romer, Christina D., “The Great Crash and the Onset of the Great Depression,” Quarterly Journal of Economics, 105 (08 1990), pp. 597–624.CrossRefGoogle Scholar

3 For a discussion of the irreversibility hypothesis, see Pindyck, Robert S., “Irreversibility, Uncertainty, and Investment,” The Journal of Economic Literature, 29 (09 1991), pp. 1110–1148.Google Scholar

4 Net investment was negative between 1931 and 1934, and again in 1937 and 1938. This decline lowered the per-capita stock of capital and delayed the embodiment of technical progress.

5 For example, see Engle, Robert F., Lilien, David, and Robins, Russell, “Estimating Time-Varying Risk Premia in the Term Structure: The ARCH-M Model,” Econometrica, 55 (03 1987), pp. 391–407.CrossRefGoogle Scholar

6 Eichengreen, Barry, Golden Fetters: The Gold Standard and the Great Depression (New York, 1992).Google Scholar

7 Gordon, Robert J. and Veitch, John M., “Fixed Investment in the American Business Cycle, 1919–1983,” in Gordon, Robert J., ed., The American Business Cycle: Continuity and Change (Chicago, 1986).CrossRefGoogle Scholar