Ahmadi, Pooyan Amir; Ritschl, Albrecht - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2009
The prominent role of monetary policy in the U.S. interwar depression has been conventional wisdom since Friedman and Schwartz [1963]. This paper presents evidence on both the surprise and the systematic components of monetary policy between 1929 and 1933. Doubts surrounding GDP estimates for...
