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The Nonmonetary Effects of Financial Factors during the Interwar Period

Prosper Raynold, Thomas Beard and W. McMillin ()

Economic Inquiry, 1993, vol. 31, issue 1, 87-99

Abstract: This paper employs vector autoregressions to estimate the nonmonetary effects of financial sector shocks on output and prices during the interwar period. Variance decompositions indicate that the nonmonetary financial proxies have significant and important effects. Impulse response functions indicate that most of the significant shocks to our financial crisis proxies have negative effects on output and prices. Focusing on the depressed conditions of the 1930s, historical decompositions indicate that the nonmonetary financial crisis variables are generally more important than the monetary base in explaining macro behavior. The authors' findings, thus, support theoretical models emphasizing the important nonmonetary effects of financial variables. Copyright 1993 by Oxford University Press.

Date: 1993
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