Journal of Historical Political Economy > Vol 3 > Issue 4

Economic Voting during the Great Depression

Juan Herreño, UCSD, USA, , Matías Morales, NYU Wagner, USA, , Mathieu Pedemonte, FRB of Cleveland, USA,
Suggested Citation
Juan Herreño, Matías Morales and Mathieu Pedemonte (2024), "Economic Voting during the Great Depression", Journal of Historical Political Economy: Vol. 3: No. 4, pp 607-628.

Publication Date: 26 Feb 2024
© 2024 J. Herreño, M. Morales, and M. Pedemonte
US electionsgold standardeconomic voting


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We measure the magnitude of economic voting during the great depression. We use the heterogeneity across counties in the exposure to exchange rate changes driven by the departure from the gold standard of US trading partners in 1931 and the US in 1933. We control for the aggregate effects these events trigger using time-fixed effects. We estimate significant changes in local voting behavior in response to local economic shocks. The response of electoral outcomes in both episodes is similar in magnitude, although only the depreciation of 1933 was a direct consequence of the actions of the US government.



Journal of Historical Political Economy, Volume 3, Issue 4 Special Issue: The Political Economy of the Interwar Period
See the other articles that are part of this special issue.