The Great Depression and Commodity-exporting LDCs: The Case of Brazil
用一般均衡模型分析大萧条期间巴西的财政货币政策，发现政府咖啡支持政策维持了出口部门收入，推动制造业扩张，且支出效应比价格效应更重要。
This paper discusses the role of fiscal and monetary policies in an LDC with a major commodity export that is facing a depression abroad. The analysis is conducted in the context of a general equilibrium model which comprises a commodity-producing sector and an import-competing sector. Idle capacity and labor unemployment areassumed. Flexibility of the real exchange rate and industrial output responses to demand are the main adjustment mechanisms. The key to understanding the behavior of the Brazilian economy in 1930s is the government coffee-support policy which held the income of the export sector at a high level and hence enabled the manufacturing sector to expand. The fact that industrial output expanded in the face of both real depreciation and appreciation points to the importance of expenditure effects relative to price effects during the 1930s.