The Journal of Economic History, Vol. 80, No. 4 (December 2020). © The Economic History Association. All rights reserved. doi: 10.1017/S0022050720000510 Christopher Hanes is Professor, Department of Economics, State University of New York at Binghamton, P.O. Box 6000, Binghamton, NY 13902. E-mail: chanes@binghamton.edu. This paper is derived from an earlier working paper “Monetary Policy Alternatives at the Zero Bound: Lessons from the 1930s U.S.” (March 2013). For comments and suggestions on that paper and the present version I thank William English, John Fernald, Price Fishback, James Hamilton, Andrew Jalil, Barry Jones, Edward Nelson, Gary Richardson, Eric Swanson, Susan Wolcott, and Wei Xiao. I would also like to thank participants at the Federal Reserve Bank of San Francisco conference “The Past and Future of Monetary Policy” (March 2013) and economic history workshops at Yale, Rutgers, and Colgate. Special thanks to Carola Binder for her news index from Binder (2016). Explaining Anomalous Wage Inflation in the 1930s United States

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解释 1930 年代美国的异常工资通胀

经济史杂志，卷。80，第 4 期（2020 年 12 月）。© 经济史协会。版权所有。doi: 10.1017/S0022050720000510 Christopher Hanes 是纽约州立大学宾汉姆顿分校经济系教授，邮政信箱 6000, Binghamton, NY 13902。电子邮件：chanes@binghamton.edu。本文源自较早的工作论文“零边界的货币政策替代方案：1930 年代美国的教训”（2013 年 3 月）。对于该论文和当前版本的评论和建议，我感谢 William English、John Fernald、Price Fishback、James Hamilton、Andrew Jalil、Barry Jones、Edward Nelson、Gary Richardson、Eric Swanson、Susan Wolcott 和 Wei Xiao。我还要感谢旧金山联邦储备银行会议“货币政策的过去和未来”（2013 年 3 月）和耶鲁大学、罗格斯大学和高露洁大学经济史研讨会的参与者。特别感谢 Carola Binder 为 Binder (2016) 提供的新闻索引。解释 1930 年代美国的异常工资通胀