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Depression (Psychology) | 1 |
Labor | 1 |
Persistence | 1 |
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Wages | 1 |
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Journal of Political Economy | 1 |
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Cole, Harold L. | 1 |
Ohanian, Lee E. | 1 |
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Journal Articles | 1 |
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Cole, Harold L.; Ohanian, Lee E. – Journal of Political Economy, 2004
There are two striking aspects of the recovery from the Great Depression in the United States: the recovery was very weak, and real wages in several sectors rose significantly above trend. These data contrast sharply with neoclassical theory, which predicts a strong recovery with low real wages. We evaluate the contribution to the persistence of…
Descriptors: Wages, Persistence, Labor, Depression (Psychology)