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The New Deal lifted the US out of the Great Depression
By: Eric, on 09 Mar 2016

The New Deal Lifted the US out of the Great Depression


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Graph Last Updated: 16 Nov 2018
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Cole and Ohanian at UCLA argue that the New Deal prolonged the Great Depression by 7 years

Last Updated: 29 Sep 2018
Cole and Ohanian address the effects of job search friction in their appendix

Last Updated: 26 Sep 2018
The New Deal lifted the US out of the Great Depression

Last Updated: 28 Sep 2016
The WPA employed more than 8.5 million workers who otherwise would have been out of work

Last Updated: 28 Sep 2016
Unemployment Decreased from 25% to 9% in Roosevelt's first term

Last Updated: 28 Sep 2016
War Production Lifted the US out of the Great Depression

Last Updated: 28 Sep 2016
British spending on war goods in gold expanded the monetary base in the US

Last Updated: 28 Sep 2016
Banking Reforms helped stabilize the economy

Last Updated: 28 Sep 2016
Bank failures decreased substantially

Last Updated: 28 Sep 2016
Increases in the monetary supply pulled the US out of the Great Depression

Last Updated: 28 Sep 2016
Living Conditions improved for farmers

Last Updated: 28 Sep 2016
Their average income almost doubled by 1937

Last Updated: 28 Sep 2016
The NRA helped boost industrial production

Last Updated: 28 Sep 2016
Unemployment really dropped from 24.9% to 14.3% at the end of Roosevelt's first term

Last Updated: 28 Sep 2016
The US Reached full employment in December 1941 after entering WW2

Last Updated: 28 Sep 2016
Real wages rose 44% in the first 4 years of the war, and the percentage of families with an annual income of <$2000 fell from 75% to 25%

Last Updated: 28 Sep 2016
Cole and Ohanian at UCLA argue that the New Deal prolonged the Great Depression by 7 years

Last Updated: 28 Sep 2016
The Cole and Ohanian model is flawed.

Last Updated: 28 Sep 2016
WPA wages were lower than private sector wages

Last Updated: 28 Sep 2016
The Federal Reserve kept the US in the Great Depression by not increasing the money supply

Last Updated: 28 Sep 2016
I wasn't actually the author of this Diagram. I imported it from a tester.--Eric

Last Updated: 28 Sep 2016