The Sources of Regional Variation in the Severity of the Great Depression: Evidence from U.S. Manufacturing, 1919–1937
研究利用美国各州20个制造业行业的数据，分析产业结构与地理位置对大萧条期间区域经济表现差异的影响，发现耐用品和建筑投入品集中的地区衰退更严重，而南大西洋地区的长期趋势解释了其较好表现。
The impact of the Great Depression was milder in the South Atlantic states, more severe in the Mountain states, and surprisingly uniform across other regions of the countly—despite large differences in industrial structere. Employing data on 20 manufacturing industries disaggregated by state, we analyze the relative contributions of industry mix and location to regional variations in economic performance. Industrial composition had a significant impact on employment growth, with regions that concentrated on durable goods or inputs to construction faring worse than others. Long-run trends also mattered, and explain much of the South Atlantic's more favorable performance.