We provide new evidence that a disruption in credit supply played a quantitatively significant role in the unprecedented contraction of employment during the Great Depression. To analyze the role of financing frictions in firms' employment decisions, we use a novel, hand-collected dataset of...

We examine racial discrimination in the New Deal by examining access to work relief. The Federal Government prohibited racial discrimination in work relief programs. However, eligibility was determined by local and state administrators. We estimate Black-white gaps in work relief access...