| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18746 |
| 来源ID | Working Paper 18746 |
| The Missing Transmission Mechanism in the Monetary Explanation of the Great Depression | |
| Christina D. Romer; David H. Romer | |
| 发表日期 | 2013-01-25 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w18746 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576419 |
| 推荐引用方式 GB/T 7714 | Christina D. Romer,David H. Romer. The Missing Transmission Mechanism in the Monetary Explanation of the Great Depression. 2013. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18746.pdf（154KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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