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Regional Monetary Policies and the Great Depression

Pooyan Amir-Ahmadi, Gustavo Cortes and Marc Weidenmier ()
Authors registered in the RePEc Author Service: Pooyan Amir Ahmadi ()

No 26695, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We compile a new monthly database for each Federal Reserve district between 1923-33 to analyze the national and regional nature of the monetary transmission mechanism around the Great Depression. We employ sign-identified structural VARs and narrative sign restrictions informed by uncontroversial theory and the historical record. Our findings demonstrate that there was significant heterogeneity in regional monetary policy as well as its dynamic effects on real economic activity. Prices in the 12 Fed districts were generally more responsive to contractionary regional monetary policy than national monetary policy shocks. The district reserve banks played a key role in the great contraction.

JEL-codes: E52 E58 N1 N12 (search for similar items in EconPapers)
Date: 2020-01
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac, nep-mon and nep-ure
Note: DAE ME
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