Great Depression in the United States/Tutorials: Difference between revisions

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|align="center"|12.9
|align="center"|12.9
|}
|}
==Stock exchange performance==
:''(End-year Standard and Poor Composite series 1941-43 = 100, and annual earnings)''
:''(Averages of monthly Cowles series 1926=100 , and annual earnings)''
===Price indexes===
:::::{| class="wikitable"
!
!style="background:#eeeeee;" |1927
!style="background:#eeeeee;" |1928
!style="background:#eeeeee;" |1929
!style="background:#eeeeee;" |1930
!style="background:#eeeeee;" |1931
!style="background:#eeeeee;" |1932
|-
|align="center"|Standard & Poor
|align="center"|17.7
|align="center"|24.4
|align="center"|21.5
|align="center"|15.3
|align="center"|8.1
|align="center"|6.9
|-
|align="center"|Cowles
|align="center"|118
|align="center"|150
|align="center"|190
|align="center"|150
|align="center"|95
|align="center"|49
|}
===Price/earnings ratios===
:::::{| class="wikitable"
!
!style="background:#eeeeee;" |1927
!style="background:#eeeeee;" |1928
!style="background:#eeeeee;" |1929
!style="background:#eeeeee;" |1930
!style="background:#eeeeee;" |1931
!style="background:#eeeeee;" |1932
|-
|align="center"|Standard & Poor
|align="center"|15.9
|align="center"|17.6
|align="center"|13.3
|align="center"|15.8
|align="center"|13.3
|align="center"|16.8
|-
|align="center"|Cowles
|align="center"|13.2
|align="center"|13.7
|align="center"|16.1
|align="center"|21.1
|align="center"|33.7
|align="center"|138.9
|}
Source: Temin (1976) <ref name=Temin> Peter Temin: Did Monetary Forces Cause the Great Depression'', WW Norton & co, 1976</ref>


==References==
==References==
<references/>
<references/>

Revision as of 16:43, 9 February 2009

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Tutorials relating to the topic of Great Depression in the United States.


Statistics of the Depression



GDP Trend

Chart 1: GDP annual pattern and long-term trend, 1920-40, in billions of constant dollars[1]
  1. ↑ based on data in Susan Carter, ed. Historical Statistics of the US: Millennial Edition (2006) series Ca9


Employment Trend

Chart 2: total employment in US, excluding farms and WPA


Expenditure levels

(billions of 1929 dollars)
1928 1929 1930 1931 1932 1933 1934 1935 1936 1937
Gross National Product 98.5 104.4 95.1 89.5 76.4 74.2 80.8 91.4 100.9 109.1
Consumer Spending 74.8 79.0 74.7 72.2 66.0 64.6 68.0 72.3 79.7 82.6
Gross Investment 14.5 16.2 10.5 6.8 0.8 0.3 1.8 8.8 9.3 14.6
Construction 9.8 8.7 6.4 4.5 2.4 1.9 2.0 2.8 3.9 4.6
Source: Kendrik 1961 [1]

Price Indexes

(1947-49 = 100)

1928 1929 1930 1931 1932 1933 1934 1935 1936 1937
Wholesale Prices 62.9 61.9 56.1 47.4 42.1 42.8 48.7 52.0 52.5 56.1
Consumer Prices 73.3 73.3 71.4 65.0 58.4 55.3 57.2 58.7 59.3 61.4
Source Historical Statistics[1]

Money Supply

(billions of dollars)

1928 1929 1930 1931 1932 1933 1934 1935 1936 1937
M1 26.2 26.4 25.4 23.6 20.5 19.4 21.5 25.5 29.2 30.3
M2 46.1 46.2 45.2 41.7 34.6 30.8 33.3 38.4 42.8 45.0
High-powered money 7.1 7.1 6.9 7.3 7.8 8.2 9.1 10.7 12.2 13.4
Source: Friedman and Schwartz [1]

Fiscal Stance

(Full employment deficit - see the Glossary)
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944
Deficit % of potential GDP -0.5 -1.5 -1.0 2.0 2.0 2.0 2.0 2.5 0 1.0 1.0 0 1.0 2.0 15 25

Sources: De Long [1] and Krugman [2]

Output and Unemployment

(Output: 1935-39 = 100)
(Unemployment: - excluding WPA employees - % of civilian labour force)
1929 1931 1933 1934 1935 1936 1937 1938
Industrial Production 109 75 69 112
Unemployment 3.1 16.1 20.6 16.0 14.2 9.9 9.1 12.5
Source: Historical Statistics

Bank Failures

1930 1931 1932 1933
Percent of operating banks[2] 5.6 10.5 7.8 12.9

Stock exchange performance

(End-year Standard and Poor Composite series 1941-43 = 100, and annual earnings)
(Averages of monthly Cowles series 1926=100 , and annual earnings)

Price indexes

1927 1928 1929 1930 1931 1932
Standard & Poor 17.7 24.4 21.5 15.3 8.1 6.9
Cowles 118 150 190 150 95 49


Price/earnings ratios

1927 1928 1929 1930 1931 1932
Standard & Poor 15.9 17.6 13.3 15.8 13.3 16.8
Cowles 13.2 13.7 16.1 21.1 33.7 138.9

Source: Temin (1976) [1]

References

  1. ↑ 1.0 1.1 1.2 1.3 Quoted in Peter Temin: Did Monetary Forces Cause the Great Depression?, W W Norton 1976 Cite error: Invalid <ref> tag; name "Temin" defined multiple times with different content
  2. ↑ Ben Bernanke: Essays on the Great Depression, page 44, Princeton University Press, 2000
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