Great Depression in the United States/Tutorials

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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

1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944
Deficit %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


Output and Unemployment

(1935-39 = 100 and % of civilian labour force)

1929 1931 1933 1937
Industrial Production 109 75 69 112
Unemployment 3.1 16.1 25.2 13.8
Source: Historical Statistics

Bank Failures

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

References

  1. ↑ 1.0 1.1 1.2 Quoted in Peter Temin: Did Monetary Forces Cause the Great Depression?, W W Norton 1976
  2. ↑ Ben Bernanke: Essays on the Great Depression, page 44, Princeton University Press, 2000
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