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Monetary Policy And The Onset Of The Great Depression
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Book Synopsis Monetary Policy and the Onset of the Great Depression by : M. Toma
Download or read book Monetary Policy and the Onset of the Great Depression written by M. Toma and published by Springer. This book was released on 2013-12-18 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartz's now consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York.
Book Synopsis The Great Depression and New Deal Monetary Policy by : Garet Garrett
Download or read book The Great Depression and New Deal Monetary Policy written by Garet Garrett and published by Cato Inst. This book was released on 1980 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Great Depression Revisited by : K. Brunner
Download or read book The Great Depression Revisited written by K. Brunner and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Monetary Policy of the Federal Reserve by : Robert L. Hetzel
Download or read book The Monetary Policy of the Federal Reserve written by Robert L. Hetzel and published by Cambridge University Press. This book was released on 2008-03-17 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: Details the evolution of the monetary standard from the start of the Federal Reserve through the end of the Greenspan era. The book places that evolution in the context of the intellectual and political environment of the time. By understanding the fitful process of replacing a gold standard with a paper money standard, the conduct of monetary policy becomes a series of experiments useful for understanding the fundamental issues concerning money and prices. How did the recurrent monetary instability of the 20th century relate to the economic instability and to the associated political and social turbulence? After the detour in policy represented by FOMC chairmen Arthur Burns and G. William Miller, Paul Volcker and Alan Greenspan established the monetary standard originally foreshadowed by William McChesney Martin, who became chairman in 1951. The Monetary Policy of the Federal Reserve explains in a straightforward way the emergence and nature of the modern, inflation-targeting central bank.
Book Synopsis The Defining Moment by : Michael D. Bordo
Download or read book The Defining Moment written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2007-12-01 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: In contemporary American political discourse, issues related to the scope, authority, and the cost of the federal government are perennially at the center of discussion. Any historical analysis of this topic points directly to the Great Depression, the "moment" to which most historians and economists connect the origins of the fiscal, monetary, and social policies that have characterized American government in the second half of the twentieth century. In the most comprehensive collection of essays available on these topics, The Defining Moment poses the question directly: to what extent, if any, was the Depression a watershed period in the history of the American economy? This volume organizes twelve scholars' responses into four categories: fiscal and monetary policies, the economic expansion of government, the innovation and extension of social programs, and the changing international economy. The central focus across the chapters is the well-known alternations to national government during the 1930s. The Defining Moment attempts to evaluate the significance of the past half-century to the American economy, while not omitting reference to the 1930s. The essays consider whether New Deal-style legislation continues to operate today as originally envisioned, whether it altered government and the economy as substantially as did policies inaugurated during World War II, the 1950s, and the 1960s, and whether the legislation had important precedents before the Depression, specifically during World War I. Some chapters find that, surprisingly, in certain areas such as labor organization, the 1930s responses to the Depression contributed less to lasting change in the economy than a traditional view of the time would suggest. On the whole, however, these essays offer testimony to the Depression's legacy as a "defining moment." The large role of today's government and its methods of intervention—from the pursuit of a more active monetary policy to the maintenance and extension of a wide range of insurance for labor and business—derive from the crisis years of the 1930s.
Book Synopsis Essays on the Great Depression by : Ben S. Bernanke
Download or read book Essays on the Great Depression written by Ben S. Bernanke and published by Princeton University Press. This book was released on 2024-01-09 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effects As chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the economic catastrophe of the 1930s—work for which he was later awarded the Nobel Prize. Essays on the Great Depression brings together Bernanke’s influential work on the origins and economic lessons of the Depression, and this new edition also includes his Nobel Prize lecture.
Book Synopsis American Monetary Policy by : Emanuel Alexandrovich Goldenweiser
Download or read book American Monetary Policy written by Emanuel Alexandrovich Goldenweiser and published by Dissertations-G. This book was released on 1983 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Great Depression by : Thomas E. Hall
Download or read book The Great Depression written by Thomas E. Hall and published by University of Michigan Press. This book was released on 2009-11-10 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Monetary Policy and the Onset of the Great Depression by : M. Toma
Download or read book Monetary Policy and the Onset of the Great Depression written by M. Toma and published by Springer. This book was released on 2013-12-18 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartz's now consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York.
Book Synopsis America's Great Depression by : Murray Newton Rothbard
Download or read book America's Great Depression written by Murray Newton Rothbard and published by Ludwig von Mises Institute. This book was released on 1972 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: Applied Austrian economics doesn't get better than this. Murray N. Rothbard's America's Great Depression is a staple of modern economic literature and crucial for understanding a pivotal event in American and world history. The book remains canonical today because the debate is still very alive. This book applies Austrian business cycle theory to understanding the onset of the 1929 Great Depression. Rothbard first summarizes the Austrian theory and offers a criticism of competing theories, including the views of Keynes. Rothbard then considers Federal Reserve policy in the 1920s, showing its inflationary character. The influence of Benjamin Strong, the Governor of the New York Federal Reserve Bank, was especially important. In part, his expansionary policy was motivated by his desire to help Britain sustain the pound. Strong was close friends with Montagu Norman, the Governor of the Bank of England. After the 1929 crash, Herbert Hoover followed an interventionist policy that prefigured the New Deal. He favored keeping wage rates high and thus contributed to rising unemployment. Against the popular stereotype, Rothbard shows that Hoover was not a partisan of laissez-faire.
Book Synopsis Did Monetary Forces Cause the Great Depression? by : Peter Temin
Download or read book Did Monetary Forces Cause the Great Depression? written by Peter Temin and published by New York : Norton. This book was released on 1976 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Given the magnitude and importance of this event [the Great Depression], it is surprising how little we know about its causes." —Peter Temin
Book Synopsis The Forgotten Depression by : James Grant
Download or read book The Forgotten Depression written by James Grant and published by Simon and Schuster. This book was released on 2014 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: "By the publisher of the prestigious Grant's Interest Rate Observer, an account of the deep economic slump of 1920-21 that proposes, with respect to federal intervention, "less is more." This is a free-market rejoinder to the Keynesian stimulus applied by Bush and Obama to the 2007-09 recession, in whose aftereffects, Grant asserts, the nation still toils. James Grant tells the story of America's last governmentally-untreated depression; relatively brief and self-correcting, it gave way to the Roaring Twenties. His book appears in the fifth year of a lackluster recovery from the overmedicated downturn of 2007-2009. In 1920-21, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No "stimulus" was administered, and a powerful, job-filled recovery was under way by late in 1921. In 1929, the economy once again slumped--and kept right on slumping as the Hoover administration adopted the very policies that Wilson and Harding had declined to put in place. Grant argues that well-intended federal intervention, notably the White House-led campaign to prop up industrial wages, helped to turn a bad recession into America's worst depression. He offers the experience of the earlier depression for lessons for today and the future. This is a powerful response to the prevailing notion of how to fight recession. The enterprise system is more resilient than even its friends give it credit for being, Grant demonstrates"--
Book Synopsis The Japanese Economy During the Great Depression by : Masato Shizume
Download or read book The Japanese Economy During the Great Depression written by Masato Shizume and published by Springer Nature. This book was released on 2021-09-25 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a systematic explanation of a remarkable policy innovation in an emerging economy in the modern world. In doing so, it highlights the nature of the Japanese economy during the interwar period. It offers a canonical case study for an international macroeconomic policy of a small and open economy. Readers can draw lessons from the Japanese experience in the 1930s, recalling what kinds of challenges policymakers faced in a crisis situation, what they can do, and what they should not do. As a whole, it is a novel reference both for scholars in economic history and international economics and for policymakers all over the world. A comprehensive and clear-cut picture of the Japanese economy during the Great Depression in the 1930s is presented, including the policy innovations brought about by an iconoclastic finance minister, Korekiyo Takahashi, at that time. To this end, the book integrates the narrative analysis based on newly available archival documents and the quantitative analysis based on newly constructed macroeconomic data and contemporary econometric methodologies. This work shows how Japan escaped from the depression in its early stage. It illustrates a transmission mechanism of the macroeconomic stimulus package of currency depreciation, easy money, and fiscal expansion. As well, it argues that the key for economic recovery was currency depreciation and that expectations played a pivotal role in ending deflation and kick-starting economic recovery. Also contained here is an exploration of politico-economic interaction in the shaping of economic policy and the long-term consequences of policy actions such as departure from the gold standard and initiation of the government debt finance by the central bank. It is shown that the collapse of the international gold standard and the lack of governance of military spending resulted in a loss of fiscal discipline in the long run.
Book Synopsis Economic Policies and Great Depression by : Kelvin Molly
Download or read book Economic Policies and Great Depression written by Kelvin Molly and published by GRIN Verlag. This book was released on 2014-03-28 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2012 in the subject Economics - Monetary theory and policy, grade: B, King`s College London, language: English, abstract: The Great Depression resulted to the need to reexamine the economic policies that were being used by various government to control the economy. The use of market and private sector to control the economy without government intervention saw the increase in mass unemployment. Economic authorities considered adapting the various policies on monetary and fiscal to help regulate the issue. Economists like Keynes developed the Keynesian theory to help the government in correcting the great depression of 1930. Golden age of capitalism was a period of economic prosperity which happened towards the end of World War II in 1945 and lasted up to the 1970s. It was a period with high levels of employment rate and unprecedented economic trade. It was dominated by capitalism with free trade. It is also known as the post-world war II which in other ways can be regarded to as the postwar economic boom and the long boom or the age of the Keynes used to refer to the quarter century following the world war. This period ended with the collapse of the Bretton woods system in 1971, oil crisis 1973 and the stock market crash which occurred in 1974. The rise of monetarism school of thought with policies emphasizing the role of monetary aggregates in policy analysis including the distinction between nominal and real interest rates provided another view in regard to the Keynesian theory. This paper seeks to examine these key issues in the period of Great depression and thereafter.
Book Synopsis British Monetary Policy, 1924-1931 by : Donald E. Moggridge
Download or read book British Monetary Policy, 1924-1931 written by Donald E. Moggridge and published by Ashgate Publishing. This book was released on 1992 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a detailed analysis of British monetary policy in the aftermath of World War I and leading up to the onset of the Great Depression. The survey commences with the successful operation of the pre-1914 gold standard and goes on to examine the policies Britain adopted for monetary reconstruction up to 1924. The decision to return to gold in 1925 is considered in detail, and Professor Moggridge argues that the official policy did little, if anything, to correct the basic overvaluation of stirling. He examines the underlying reasons behind the limited use of more orthodox policy instruments and suggests the authorities were forced to develop new policies to combat the effects of gold at $4-86. The final section of the book sums up the ultimate impact of the new policy instruments which were adopted.
Book Synopsis The Great Contraction, 1929-1933 by : Milton Friedman
Download or read book The Great Contraction, 1929-1933 written by Milton Friedman and published by Princeton University Press. This book was released on 2012-12-27 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Friedman and Schwartz's A Monetary History of the United States, 1867-1960, published in 1963, stands as one of the most influential economics books of the twentieth century. A landmark achievement, the book marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. The chapter entitled "The Great Contraction, 1929-33" addressed the central economic event of the century, the Great Depression. Published as a stand-alone paperback in 1965, The Great Contraction, 1929-1933 argued that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and ameliorating banking panics. The book served as a clarion call to the monetarist school of thought by emphasizing the importance of the money supply in the functioning of the economy--a concept that has come to inform the actions of central banks worldwide. This edition of the original text includes a new preface by Anna Jacobson Schwartz, as well as a new introduction by the economist Peter Bernstein. It also reprints comments from the current Federal Reserve chairman, Ben Bernanke, originally made on the occasion of Milton Friedman's 90th birthday, on the enduring influence of Friedman and Schwartz's work and vision.
Book Synopsis Regional Monetary Policies and the Great Depression by : Pooyan Amir Ahmadi
Download or read book Regional Monetary Policies and the Great Depression written by Pooyan Amir Ahmadi and published by . This book was released on 2020 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great Depression provides a unique setting to test the impact of monetary policies on economic activity in a monetary union within the same country during a severe crisis. Until the mid-1930s, the 12 Federal Reserve banks had the ability to set their own discount rates and conduct independent monetary policy. Using a structural VAR with sign restrictions and new monthly data for each Federal Reserve district between 1923-33, we extract a national monetary policy factor from the 12 discount rates of the Federal Reserve banks. We then identify the region-specific component for each Fed district by subtracting the common factor component of monetary policy from the discount rate of each Federal Reserve bank. Our findings suggest that there was significant variation in regional monetary policy and that the district reserve banks played a key role in the economic contraction.
