Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
The Great Depression And The Friedman Schwartz Hypothesis
Download The Great Depression And The Friedman Schwartz Hypothesis full books in PDF, epub, and Kindle. Read online The Great Depression And The Friedman Schwartz Hypothesis ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis The Great Depression and the Friedman-Schwartz Hypothesis by : Lawrence J. Christiano
Download or read book The Great Depression and the Friedman-Schwartz Hypothesis written by Lawrence J. Christiano and published by . This book was released on 2007 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors evaluate the Friedman-Schwartz hypothesis--that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, they first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight shocks, the story it tells about the Great Depression turns out to be a simple and familiar one. The contraction phase was primarily a consequence of a shock that induced a shift away from privately intermediated liabilities, such as demand deposits and liabilities that resemble equity, and towards currency. The slowness of the recovery from the Depression was due to a shock that increased the market power of workers. The authors identify a monetary base rule that responds only to the money demand shocks in the model. They solve the model with this counterfactual monetary policy rule. They then simulate the dynamic response of this model to all the estimated shocks. Based on the model analysis, the authors conclude that if the counterfactual policy rule had been in place in the 1930s, the Great Depression would have been relatively mild.
Book Synopsis The Great Depression and the Friedman-Schwartz Hyptothesis by : Lawrence J. Christiano
Download or read book The Great Depression and the Friedman-Schwartz Hyptothesis written by Lawrence J. Christiano and published by . This book was released on 2004 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors evaluate the Friedman-Schwartz hypothesis--that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, they first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight shocks, the story it tells about the Great Depression turns out to be a simple and familiar one. The contraction phase was primarily a consequence of a shock that induced a shift away from privately intermediated liabilities, such as demand deposits and liabilities that resemble equity, and towards currency. The slowness of the recovery from the Depression was due to a shock that increased the market power of workers. The authors identify a monetary base rule that responds only to the money demand shocks in the model. They solve the model with this counterfactual monetary policy rule. They then simulate the dynamic response of this model to all the estimated shocks. Based on the model analysis, the authors conclude that if the counterfactual policy rule had been in place in the 1930s, the Great Depression would have been relatively mild"--Federal Reserve Bank of Richmond web site.
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 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 Reflections on the Great Depression by : Randall E. Parker
Download or read book Reflections on the Great Depression written by Randall E. Parker and published by Edward Elgar Publishing. This book was released on 2002 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Parker (economics, East Carolina U.) presents 11 interviews with prominent economists who lived through the Great Depression. In the interviews, the economists reflect both on economic thinking of the time and the ways in which the Great Depression has affected subsequent theories of economics. They also reflect on what they think were the causes of the Great Depression and what were the mechanisms that brought the world out of economic crisis. The interviewees are Moses Ambraovitz, Morris Adelman, Milton Friedman, Albert Hart, Charles Kindleberger, Wassily Leontief, Paul Samuelson, Anna Schwartz, James Tobin, Herbert Stein, and Victor Zarnowitz. Annotation copyrighted by Book News, Inc., Portland, OR
Book Synopsis The Great Recession by : Robert L. Hetzel
Download or read book The Great Recession written by Robert L. Hetzel and published by Cambridge University Press. This book was released on 2012-04-16 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since publication of Hetzel's The Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. That consensus emphasized efficient markets, rational expectations and the efficacy of the price system in assuring macroeconomic stability. The 2008–9 recession not only destroyed the professional consensus about the kinds of models required to understand cyclical fluctuations but also revived the credit-cycle or asset-bubble explanations of recession that dominated thinking in the nineteenth century and the first half of the twentieth century. These 'market-disorder' views emphasize excessive risk taking in financial markets and the need for government regulation. The present book argues for the alternative 'monetary-disorder' view of recessions. A review of cyclical instability over the last two centuries places the 2008–9 recession in the monetary-disorder tradition, which focuses on the monetary instability created by central banks rather than on a boom-bust cycle in financial markets.
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 2009-01-10 with total page 321 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. This influential work is collected in Essays on the Great Depression, an important account of the origins of the Depression and the economic lessons it teaches.
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 A Monetary History of the United States, 1867-1960 by : Milton Friedman
Download or read book A Monetary History of the United States, 1867-1960 written by Milton Friedman and published by Princeton University Press. This book was released on 2008-09-02 with total page 889 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Magisterial. . . . The direct and indirect influence of the Monetary History would be difficult to overstate.”—Ben S. Bernanke, Nobel Prize–winning economist and former chair of the U.S. Federal Reserve From Nobel Prize–winning economist Milton Friedman and his celebrated colleague Anna Jacobson Schwartz, one of the most important economics books of the twentieth century—the landmark work that rewrote the story of the Great Depression and the understanding of monetary policy Milton Friedman and Anna Jacobson Schwartz’s A Monetary History of the United States, 1867–1960 is one of the most influential economics books of the twentieth century. A landmark achievement, it marshaled massive historical data and sharp analytics to argue 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. One of the book’s most important chapters, “The Great Contraction, 1929–33” addressed the central economic event of the twentieth century, the Great Depression. Friedman and Schwartz 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 countering 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—an idea that has come to shape the actions of central banks worldwide.
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 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 Financial Markets and Financial Crises by : R. Glenn Hubbard
Download or read book Financial Markets and Financial Crises written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 1991-08-13 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.
Book Synopsis Lessons from the Great Depression by : Peter Temin
Download or read book Lessons from the Great Depression written by Peter Temin and published by MIT Press. This book was released on 1991-10-08 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States. Do events of the 1930s carry a message for the 1990s? Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States. It describes the causes of the depression, why it was so widespread and prolonged, and what brought about eventual recovery. Peter Temin also finds parallels in recent history, in the relentless deflationary course followed by the U.S. Federal Reserve Board and the British government in the early 1980s, and in the dogged adherence by the Reagan administration to policies generated by a discredited economic theory—supply-side economics.
Book Synopsis The Role of the 1929 Stock Market Crash and other Factors that caused the Great Depression by : Dennis Sauert
Download or read book The Role of the 1929 Stock Market Crash and other Factors that caused the Great Depression written by Dennis Sauert and published by GRIN Verlag. This book was released on 2010-09-23 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2009 in the subject Economics - History, grade: 1.3, Berlin School of Economics and Law, language: English, abstract: Within macroeconomics, economists agree that there were a number of contributing factors that led to the Great Depression. However, most of the discussion is about what was responsible for the depth and the length of this economic event. In the four years starting in the summer of 1929 until 1933,financial markets and institutions, labor markets as well as international currency and goods markets had stopped functioning and it seemed that economic and monetary policy remained helpless in that period. To analyze the Great Depression, Friedman and Schwartz supply one of the most critical but popular explanations. They focus on the monetary policy of the Federal Reserve System (hereinafter Fed) of the United States(hereinafter U.S.) since the Fed allowed a severe contraction in money supply in the period of 1929 – 1933, even though the Federal Reserve Act of 1913 delegated monetary actions by the Fed to avoid such monetary contraction. Friedman and Schwartz claim that the severeness of monetary contraction resulted from the Fed’s passive response to the banking panics in the 1930s when the public increased sharply its demand for currency. However, they admit that the Fed conducted a successful policy during most of the 1920s until a “shift in power within the system and the lack of understanding and experience of those individuals to whom the power shifted” occurred. Herein, they point to the death of Benjamin Strong the Governor of the New York Federal Reserve Bank who had the sagacity and leadership to take measures that would have avoided the Great Depression. Thus, they maintain that monetary contraction in the period of 1929 – 1933 induced the Great Depression due to a misguided policy by the Fed that was eventually in authority for the downturn in economic activity.
Book Synopsis The Economics of the Great Depression by : Randall E. Parker
Download or read book The Economics of the Great Depression written by Randall E. Parker and published by Edward Elgar Publishing. This book was released on 2007 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Together and individually, they provide an enlightening account of what we have learned from the post-World War II generation of economists"--Jacket.
Book Synopsis Financial Crises, 1929 to the Present, Second Edition by : Sara Hsu
Download or read book Financial Crises, 1929 to the Present, Second Edition written by Sara Hsu and published by Edward Elgar Publishing. This book was released on 2017-01-27 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fascinating volume offers a comprehensive synthesis of the events, causes and outcomes of the major financial crises from 1929 to the present day. Beginning with an overview of the global financial system, Sara Hsu presents both theoretical and empirical evidence to explain the roots of financial crises and financial instability in general. She then provides a thorough breakdown of a number of major crises of the past century, both in the United States and around the world.
Book Synopsis The Economics of the Great Depression by : Mark Wheeler
Download or read book The Economics of the Great Depression written by Mark Wheeler and published by W. E. Upjohn Institute. This book was released on 1998 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Developed from lectures given at Western Michigan University as part of the 1996-1997 lecture series"--Page 6. Includes bibliographical references and index.
