Farm Product Prices, Redistribution, and the Early U.S. Great Depression
研究发现1930年农产品价格暴跌导致农民收入下降和支出减少，可能解释美国当年产出下降的10%到30%，是加剧大萧条的重要传导机制。
We argue that falling farm product prices, incomes, and spending may explain 10–30 percent of the 1930 U.S. output decline. Crop prices collapsed, reducing farmers’ incomes. And across U.S. states and Ohio counties, auto sales fell most in crop-growing areas. The large spending response may be explained by farmers’ indebtedness. Reasonable assumptions about the marginal propensity to spend of farmers relative to nonfarmers and the pass-through of farm prices to retail prices imply that the collapse of farm product prices in 1930 was a powerful propagation mechanism worsening the Depression.