How Successful Was the New Deal? The Microeconomic Impact of New Deal Spending and Lending Policies in the 1930s

@article{Fishback2016HowSW,
  title={How Successful Was the New Deal? The Microeconomic Impact of New Deal Spending and Lending Policies in the 1930s},
  author={Price V. Fishback},
  journal={NBER Working Paper Series},
  year={2016}
}
  • P. Fishback
  • Published 1 January 2016
  • Economics
  • NBER Working Paper Series
The New Deal during the 1930s was arguably the largest peace-time expansion in federal government activity in American history. Until recently there had been very little quantitative testing of the microeconomic impact of the wide variety of New Deal programs. Over the past decade scholars have developed new panel databases for counties, cities, and states and then used panel data methods on them to examine the examine the impact of New Deal spending and lending policies for the major New Deal… 

Was Pandemic Fiscal Relief Effective Fiscal Stimulus? Evidence from Aid to State and Local Governments

We use an instrumental-variables estimator reliant on variation in congressional representation to analyze the effects of federal aid to state and local governments across all four major pieces of

Send Them Back? The Real Estate Consequences of Repatriations

Housing is a crucial channel through which migration affects the local economy and wealth distribution. However, most of what we know about the effects of migration on housing is from studies focused

The Wealth Effect

The politics of major banking crises has been transformed since the nineteenth century. Analyzing extensive historical and contemporary evidence, Chwieroth and Walter demonstrate that the rising

The financialization of mass wealth, banking crises and politics over the long run

The co-evolution of democratic politics and mass, financialized wealth has destabilized highly integrated financial systems and the socio-political underpinnings of neoliberal policy norms at

From Welfare to Warfare: New Deal Spending and Patriotism During World War Ii

Why do people fight for their country? The risks are extreme, the payoff uncertain. In this paper, we argue that reciprocity is a key factor. Examining welfare spending in the US in the 1930s under

Reflections on the New Deal: The Vested Interests, Limits to Reform, and the Meaning of Liberal Democracy

I subject some aspects of Roosevelt's "New Deal" to critical analysis, with particular attention to what is termed "liberal democracy." This analysis demonstrates the limits to reform, given the

Poverty Reduction in the United States During its Middle-Income Stage of Development

This paper is one of three country studies of successful anti-poverty measures during upper middle-income levels, the other two being Japan and the Republic of Korea. Though the US did not advance an

Accounting for the International Great Depression: Efficiency, Distortions and Factor Utilization during the Interwar Period

Abstract In this paper, we analyze the International Great Depression (IGD) in the U.S. and Western Europe by applying the business cycle accounting method to a dynamic stochastic general equilibrium
...

References

SHOWING 1-10 OF 183 REFERENCES

The Political Economy of New Deal Spending: An Econometric Analysis

T HE New Deal years offer a laboratory for testing the hypothesis that political behavior in a democracy can be understood as a rational effort to maximize the prospects of electoral success. This

Did the Stimulus Stimulate? Real Time Estimates of the Effects of the American Recovery and Reinvestment Act

We use state and county level variation to examine the impact of the American Recovery and Reinvestment Act on employment. A cross state analysis suggests that one additional job was created by each

Fiscal Spending Jobs Multipliers: Evidence from the 2009 American Recovery and Reinvestment Act

This paper estimates the “jobs multiplier” of fiscal spending using the state-level allocations of federal stimulus funds from the 2009 American Recovery and Reinvestment Act (ARRA). Specifically, I

The Political Economy of New Deal Spending Revisited, Again: With and without Nevada

Abstract During the New Deal the federal government initiated a policy of massive grants to states for support of social welfare and other programs. Since that time scholars have debated whether the

In Search of the Multiplier for Federal Spending in the States During the Great Depression

If there was any time to expect a large peace-time multiplier effect from federal spending in the states, it would have been during the period from 1930 through 1940. Interest rates were near the

Did New Deal Grant Programs Stimulate Local Economies? A Study of Federal Grants and Retail Sales During the Great Depression

Using data on New Deal grants to each U.S. county from 1933 to 1939, we estimate how relief and public works spending and payments to farmers through the Agricultural Adjustment Administration
...