Amir Ahmadi, Pooyan; Ritschl, Albrecht - London School of Economics and Political Science - 2009
The prominent role of monetary policy in the U.S. interwardepression has been conventional wisdom since Friedman andSchwartz [1963]. This paper presents evidence on both thesurprise and the systematic components of monetary policybetween 1929 and 1933. Doubts surrounding GDP estimates forthe...