Coming to Terms with Benjamin Strong

Mark Toma

Chapter Chapter 8 in Monetary Policy and the Onset of the Great Depression, 2013, pp 117-141 from Palgrave Macmillan

Abstract: Abstract The previous chapter cast doubt on a core implication of the Austrian and Monetarist theories: that monetary policy was to blame for the onset of the Great Depression. For Austrians the problem was too much money in the early 1920s. For Monetarists, the problem was too little money in the late 1920s. Each side was misled, I argued, because they failed to come to terms with the scissors effect.

Keywords: Central Bank; Percent Confidence Interval; Government Security; Reserve Bank; Gold Reserve (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_8

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DOI: 10.1057/9781137371621_8

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