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The paper examines two different aspects of macroeconomic behavior in the United States during the period between 1929 and 1941 --both the proximate determinants of the severity and duration of the slump in nominal income, and the factors influencing the division of those changes in nominal income between changes in the price level and in real output. The first question, the sources of nominal-income movements, has been the subject of much recent controversy and debate. the statistical analysisdoi:10.3386/w0300 fatcat:wd7m5cgj3zgbvbi2guoc3tvmaa