caa a22 4500 388069430 CHVBK 20180307125143.0 cr unu---uuuuu 161130e199903 xx s 000 0 eng 10.1017/S0022050700022336 doi S0022050700022336 pii (NATIONALLICENCE)cambridge-10.1017/S0022050700022336 Romer Christina D. Christina D. Romer is Professor of Economics, University of California, Berkeley, CA 94720-3880. Why Did Prices Rise in the 1930s? [Elektronische Daten] [Christina D. Romer] Prices rose in most years between 1933 and 1941 even though output was substantially below trend. This inflation cannot be explained as simply the effect of devaluation and changes in expectations. Rather, because prewar price changes depended significantly on the growth rate of real output, the extraordinarily rapid growth after 1933 was an important force leading to inflation. At the same time, the NIRA, by encouraging minimum wages and collusive pricing arrangements, caused a crucial diminution of the usual deviation-from-trend effect. The conjunction of these forces caused inflation at a time when the U.S. economy remained depressed. Copyright © The Economic History Association 1999 The Journal of Economic History Cambridge University Press 59/1(1999-03), 167-199 0022-0507 59:1<167 1999 59 JEH https://doi.org/10.1017/S0022050700022336 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1017/S0022050700022336 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Romer Christina D. Christina D. Romer is Professor of Economics, University of California, Berkeley, CA 94720-3880 NATIONALLICENCE 773 0- The Journal of Economic History Cambridge University Press 59/1(1999-03), 167-199 0022-0507 59:1<167 1999 59 JEH CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge