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Revisiting the 1929 crisis: was the Fed Pre-Keynesian? New lessons from the past

Eine erneuerte Lektüre der Krise von 1929: war die Fed Vor-Keynesianisch? Neue Erkenntnisse aus der Vergangenheit
[journal article]

Diebolt, Claude; Parent, Antoine; Trabelsi, Jamel

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Please use the following Persistent Identifier (PID) to cite this document:http://nbn-resolving.de/urn:nbn:de:0168-ssoar-372949

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Abstract "This article is organized as follows: in section 1, the authors discuss the Bordo et al. (2002) monetarist counterfactual analysis. Section 2 presents data. In section 3, the authors address the following question: referring to Keynes' definition of liquidity trap, they ask themselves whether there were episodes of liquidity trap over the pre and post 1929 crisis period and whether the Fed modified its reaction function in consequence? Following this, in section 4 and using a SVAR approach, the authors simulate how US economic activity would have reacted following an expansionary monetary policy after the 1929 crisis. In conclusion, the authors suggest a renewed monetary lesson from the past." (author's abstract)
Keywords economic crisis; peace time; United States of America; Keynes, J.; economic history; economic theory; monetarism; monetary theory; liquidity; central bank; politics; statistics; statistical analysis; monetary policy; banking; North America
Classification Social History, Historical Social Research; Economic Policy
Method empirical; quantitative empirical; historical
Document language English
Publication Year 2012
Page/Pages p. 280-297
Journal Historical Social Research, 37 (2012) 2
ISSN 0172-6404
Status Published Version; peer reviewed
Licence Creative Commons - Attribution-Noncommercial-No Derivative Works