@article{d3815d743fd84c91a8b6330976902203,
title = "Automobiles and the national industrial recovery act: evidence on industry complementarities",
abstract = "This paper investigates the Automobile Industry code negotiated in 1933 and modified in 1935 under the National Industrial Recovery Act. The amended code contained a provision calling for automobile producers to alter the timing of new model introductions and the annual automobile show as a means of regularizing employment in the industry. Our analysis of this period provides evidence against the hypothesis that changes in fundamentals led to the dramatic changes in the seasonal pattern of production and sales starting in 1935. Instead, it appears that the National Industrial Recovery Act succeeded in coordinating activity on an alternative Nash equilibrium.",
author = "Russell Cooper and John Haltiwanger",
note = "Funding Information: assistance, to William Creech of the National Archives for assistance in locating material for this study, and to the National Science Foundation for financial support. Olivier Blanchard, Jeffrey Miron, Anil Kashyap, and anonymous referees provided numerous helpful comments and suggestions throughout this research. Comments from seminar participants at Boston University, the University of British Columbia, Cornell University, Harvard University, the NBER Macroeconomic Complementarities group meeting in July 1991, the NBER Macroeconomics History Meeting in April 1992, New York University, the University of Michigan, Princeton University, Rutgers University, the University of West Virginia, and the University of Windsor were appreciated. Cooper thanks the Institute for Empirical Macroeconomics at the Federal Reserve Bank of Minneapolis for support during the preparation of this manuscript.",
year = "1993",
month = nov,
doi = "10.2307/2118459",
language = "English (US)",
volume = "108",
pages = "1043--1071",
journal = "Quarterly Journal of Economics",
issn = "0033-5533",
publisher = "Oxford University Press",
number = "4",
}