Numerous empirical literatures display conflicting results. This paper examines the conflicting results concerning the rationality of forecasts and expectations. Meta-analysis techniques are used to examine the empirical studies that tested the rationality hypothesis. What did we know, and when...

U.S. industrial production data published in 1929-30 show a steep drop in production from June to December 1929 and a substantial recovery by February 1930. Revised data used in recent analyses of the Great Depression show a smaller decline in 1929 and no recovery period. This paper identifies...