Political Shocks and Investment: Some Evidence from the 1930s
通过分析1934、1936和1938年选举结果及新政立法对商业投资的影响，发现数据不支持新政吓跑商业投资的观点。
There has been some dispute about the impact of New Deal policies on the business climate. Some historians have argued that the New Deal frightened business, and others that it encouraged business. This paper analyzes the impact of the New Deal on business investment by looking at the response of investment to the outcome of the 1934, 1936, and 1938 elections, as well as the passage of certain New Deal legislation. The data reject the hypothesis that the New Deal frightened off business investment.