Austrian and Monetarist Theories of the Onset of the Great Depression

Mark Toma

Chapter Chapter 7 in Monetary Policy and the Onset of the Great Depression, 2013, pp 105-115 from Palgrave Macmillan

Abstract: Abstract The conventional approach to modeling monetary policy is to posit a discretionary, controlling authority, the Fed, whose monetary decisions are not limited by ordinary economic constraints. Given the Fed’s power to control the money supply, the political economist’s task is to (1) posit some policy objective, (2) evaluate the extent to which Fed decision making satisfies the objective, and (3) examine the economic consequences of those decisions. With respect to monetary policy of the 1920s prior to the onset of the Great Depression, chapter 3 suggested that two traditions, Austrian and Monetarist, best exemplify the conventional approach.

Keywords: Monetary Policy; Money Supply; Great Depression; Contractionary Policy; Government Security (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-37162-1_7

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DOI: 10.1057/9781137371621_7

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