Monetary Interpretations of the Great Depression

Book Review: Monetary Interpretations of the Great Depression

Monetary Interpretations of the Great Depression

publishedDate : 1995

authors : Frank George Steindl

publishers : University of Michigan Press

pageCount : 197

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Professor Steindl goes on to explore in terms of the nature of scientific inquiry why the other interpretations did not anticipate Friedman and Schwartz. This book will be of interest to monetary economists, especially historians of monetary thought, students of the Great Depression , and philosophers of science.

Great Depression

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Monetary Interpretations Of The Great Depression


Monetary Interpretations Of The Great Depression

Author by : Frank George Steindl
Languange Used : en
Release Date : 1995
Publisher by :

ISBN :

Description : Frank Steindl asks why, despite much monetary work in the intervening years, it was not until Friedman and Schwartz put forward their monetary interpretation of the depth of the Great Depression that the monetary approach was rescued from disrepute and established as one of the most widely held explanations for the Depression. To answer this question, the author explores the work of economists writing before Friedman and Schwartz. Among those investigated are Angell, Currie, Fisher, Hawtrey, Simons, Snyder, and Viner - economists of the first rank. Other approaches examined include those of Harry G. Brown, C.O. Hardy, Lionel Edie, Willford King, Arthur Marget, Lloyd Mints, Lionel Robbins, James Harvey Rogers, and H. Parker Willis....






The Great Depression Revisited


The Great Depression Revisited

Author by : K. Brunner
Languange Used : en
Release Date : 2012-12-06
Publisher by : Springer Science & Business Media

ISBN :

Description : The fateful days of the great stock market crash entered modem history almost 50 years ago to this day. The cyclic turning point of the U. S. economy oc curred, however, around June 1929, and economic activity receded substantial ly over the subsequent months. The onset of an economic downswing thus became clearly visible before the famous crash. But the October event stays in the public's mind as the symbol of the Great Depression. For nearly four years, until the spring of 1933, the U. S. economy plunged into a deep reces sion. Activity declined, prices fell, and there emerged a massive unemploy ment problem. The economy ultimately overcame this shock in 1933. Prices rose rapidly in spite of substantial margins of unusual resources. Activity ex panded, but occasionally at a somewhat hesitant rate. The expansion, however, was interrupted by another recession of major proportions during 1937-38. The tragic sequence of events shaped public consciousness and influenced new approaches and views in economic policymaking. The activist approach to "stabilization policy" and a wide range of regulatory policies were essentially justified in terms of this experience. These policies were crucially influenced by our understanding and interpretation of the Great Depression. The view of a radically unstable economic process perennially on the edge of serious collapse gained wide popularity and became a central element of the Keynesian tradi- 2 INTRODUCTION tion. It encouraged, with supplementary interpretations, an interventionist and expanding role of the government in our economic affairs....






The Missing Transmission Mechanism In The Monetary Explanation Of The Great Depression


The Missing Transmission Mechanism In The Monetary Explanation Of The Great Depression

Author by : Christina D. Romer
Languange Used : en
Release Date : 2013
Publisher by :

ISBN :

Description : This paper examines an important gap in the monetary explanation of the Great Depression: the lack of a well-articulated and documented transmission mechanism of monetary shocks to the real economy. It begins by reviewing the challenge to Friedman and Schwartz's monetary explanation provided by the decline in nominal interest rates in the early 1930s. We show that the monetary explanation requires not just that there were expectations of deflation, but that those expectations were the result of monetary contraction. Using a detailed analysis of Business Week magazine, we find evidence that monetary contraction and Federal Reserve policy contributed to expectations of deflation during the central years of the downturn. This suggests that monetary shocks may have depressed spending and output in part by raising real interest rates....






Understanding Economic Recovery In The 1930s


Understanding Economic Recovery In The 1930s

Author by : Frank George Steindl
Languange Used : en
Release Date : 2004
Publisher by : University of Michigan Press

ISBN :

Description : A must read for specialists interested in Depression-era economics...






Monetarist Interpretations Of The Great Depression


Monetarist Interpretations Of The Great Depression

Author by : Robert James Gordon
Languange Used : en
Release Date : 1978
Publisher by :

ISBN :

Description : This paper rejects the proposition that there is only a single interesting question to ask about the decade of the 1930s. It is concerned not only with the role of money in the 1929-33 contraction but also with the relative role of monetary and nonmonetary factors in the recession of 1937-38 and subsequent recovery and, in addition, with the division of nominal income change between prices and real output. New empirical evidence bearing on each of these issues is provided The results suggest that both extreme monetarist and nonmonetarist interpretations of the decade of the l930s are unsatisfactory and leave interesting features of the data unexplained. Arguing against acceptance of an extreme monetarist interpretation are (1) the inability of changes in the money supply alone to explain the severity of the initial collapse in income between 1929 and the fall of 1931, (2) the steady weakening of the correlation between changes in nominal income and money as the 1930s progressed, (3) the failure of monetary factors to explain the nature and timing of the 1938-41 recovery, and (4) the apparent absence of any tendency for the mechanism of price flexibility to provide strong self-correcting forces as required by an approach that stresses monetary rules and opposes policy activism. Arguing against acceptance of an extreme nonmonetarist interpretation are (1) the close association between the collapse in income and the lagged effect of monetary changes after the fall of 1931, (2) the milder contraction and earlier recoveries associated with the more expansive monetary policies pursued in Europe, (3) the close association between money and income in the 1937-38 recession, and (4) the failure of the price change data to adhere to the expectational Phillips curve approach imbedded in many postwar econometric models constructed by nonmonetarists....






The Great Depression


The Great Depression

Author by : Thomas E. Hall
Languange Used : en
Release Date : 2009-11-10
Publisher by : University of Michigan Press

ISBN :

Description : The Great Depression was the worst economic catastrophe in modern history. Not only did it cause massive worldwide unemployment, but it also led to the rise of Adolf Hitler in Germany, World War II in Europe, and the tragic deaths of tens of millions of people. This book describes the sequence of policy errors committed by powerful, well-meaning people in several countries, which, in combination with the gold standard in place at the time, caused the disaster. In addition, it details attempts to reduce unemployment in the United States by Franklin Roosevelt's New Deal, and in Germany by Hitler's National Socialist economic policies. A comprehensive economic and historical explanation of the events pertaining to the Depression, this book begins by describing the economic setting in the major industrialized countries during the 1920s and the gold standard that linked theory economies together. It then discusses the triggering event that started the economic decline--the Federal Reserve's credit tightening in reaction to perceived overspeculation in the U.S. stock market. The policy bungling that transformed the recession into the Great Depression is detailed: Smoot Hawley, the Federal Reserve's disastrous adherence to the real bills doctrine, and Hoover's 1932 tax hike. This is followed by a detailed description of the New Deal's shortcomings in trying to end the Depression, along with a discussion of the National Socialist economic programs in Germany. Finally, the factors that ended the Depression are examined. This book will appeal to economists, historians, and those interested in business conditions who would like to know more about the causes and consequences of the Great Depression. It will be particularly useful as a supplementary text in economic history courses. Thomas E. Hall and J. David Ferguson are both Professors of Economics, Miami University....






Monetarist Interpretations Of The Great Depression


Monetarist Interpretations Of The Great Depression

Author by : Robert James Gordon
Languange Used : en
Release Date : 1978
Publisher by :

ISBN :

Description : ...






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