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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]
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... view more
"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)... view less
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empirical; quantitative empirical; historical
Document language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
DOI
https://doi.org/10.12759/hsr.37.2012.2.280-297
ISSN
0172-6404
Status
Published Version; peer reviewed