Reassessing the thesis of the monetary history

Arbeitspapier

The economic crisis that began in 2007 and still lingers has invited comparison with the Great Depression of the 1930s. It has also generated renewed interest in Milton Friedman and Anna Schwartz's explanation of the latter as mainly the consequence of the Fed's failure as a lender of last resort at its onset, and the ineptitude of its policies thereafter. This explanation is reassessed in the light of events since 2007, and it is argued that its plausibility emerges enhanced, even though policy debates in recent years have paid more attention to interest rates and credit markets than to Friedman and Schwartz's key variable, the quantity of money

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: EPRI Working Paper ; No. 2013-5

Classification and Topics

• Classification: Wirtschaft ; History of Economic Thought: Macroeconomics ; Business Fluctuations; Cycles ; Money Supply; Credit; Money Multipliers ; Central Banks and Their Policies
• Subject: Great Depression ; Great Contraction ; Great Recession ; Keynesianism ; Monetarism ; Lender of Last Resort ; Money ; High-powered money ; Monetary base ; Currency ; Bank reserves ; Quantitative easing ; Open-market operations

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Laidler, David
• Event: Veröffentlichung
• (who): The University of Western Ontario, Economic Policy Research Institute (EPRI)
• (where): London (Ontario)
• (when): 2013

Further information

• Handle: http://hdl.handle.net/10419/123483
• Last update: 10.03.2025, 11:46 AM CET