The authors test the hypothesis that the Great Contraction would have been attenuated had the Federal Reserve not allowed the money stock to decline. They simulate a model that estimates separate relations for output and the price level and assumes that output and price dynamics are not especially sensitive to policy changes. The simulations include a strong and a weak form of Milton Friedman's constant money growth rule. The results support the hypothesis that the Great Contraction would have been mitigated and shortened had the Federal Reserve followed a constant money growth rule. Copyright 1995 by Oxford University Press.