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Could Stable Money Have Averted the Great Contraction?

Michael Bordo (), Ehsan Choudhri () and Anna Schwartz

Economic Inquiry, 1995, vol. 33, issue 3, 484-505

Abstract: 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.

Date: 1995
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