We argue that falling farm product prices, incomes, and spending may explain 10–30 percent of the 1930 U.S. output decline. Crop prices collapsed, reducing farmers’ incomes. And across U.S. states and Ohio counties, auto sales fell most in crop-growing areas. The large spending response may be explained by farmers’ indebtedness. Reasonable assumptions about the marginal propensity to spend of farmers relative to nonfarmers and the pass-through of farm prices to retail prices imply that the collapse of farm product prices in 1930 was a powerful propagation mechanism worsening the Depression.

中文翻译：

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农产品价格、再分配和美国早期大萧条

我们认为，农产品价格、收入和支出的下降可能解释了 1930 年美国产量下降的 10-30%。农作物价格暴跌，减少了农民的收入。在美国各州和俄亥俄州，汽车销量在农作物种植区跌幅最大。巨大的支出反应可以用农民的债务来解释。关于农民相对于非农民的边际消费倾向以及农产品价格传导至零售价格的合理假设意味着 1930 年农产品价格的暴跌是加剧大萧条的强大传播机制。