Was the New Deal Contractionary?
研究在零利率和通缩的紧急条件下，增加企业垄断和工会力量的政府政策能否提高产出，并以美国大萧条时期的新政为例，得出与以往文献相反的结论：新政是扩张性的。
Can government policies that increase the monopoly power of firms and the militancy of unions increase output? This paper shows that the answer is yes under certain “emergency” conditions. These emergency conditions—zero interest rates and deflation—were satisfied during the Great Depression in the United States. The New Deal, which facilitated monopolies and union militancy, was therefore expansionary in the model presented. This conclusion is contrary to a large previous literature. The main reason for this divergence is that this paper incorporates rigid prices and the zero bound on the short-term interest rate.