Notes on the Causes of the Great Depression

  • Peter Temin
Part of the Rochester Studies in Economics and Policy Issues book series (RSEP, volume 2)

Abstract

There are two issues at hand in the discussion of the causes of the Great Depression, one substantive and one methodological. The substantive issue is simple: Friedman and Schwartz asserted (1963a) that the banking panic of 1930 was a major—probably the major—factor in turning an ordinary depression into the Great Depression. I contested that view and asserted (1976) that the banking panic of 1930 was not a major deflationary shock to the economy.

Keywords

Depression Income Rium 

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References

  1. Cagan, P. 1972. The Channels of Monetary Effects on Interest Rates. New York: Columbia University Press, for the National Bureau of Economic Research.Google Scholar
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Copyright information

© University of Rochester Center for Research in Government Policy and Business 1981

Authors and Affiliations

  • Peter Temin

There are no affiliations available

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