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Bernanke (1983).pdf

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Preview of Bernanke (1983)
🔗 Source: nber.org
📊 Size: 377 KB
📄 Pages: 56 pages
⬇️ Downloads: 65

Summary

The financial disruptions of 1930-33 reduced the efficiency of the credit allocation process, increasing the cost and reducing the availability of credit, which depressed aggregate demand. The paper argues that these effects can help explain the unusual length and depth of the Great Depression, and that they are complementary to the monetary impact of bank failures emphasized by Friedman and Schwartz.

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The financial disruptions of 1930-33 reduced the efficiency of the credit allocation process, increasing the cost and reducing the availability of credit,...

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  • File Format: PDF
  • File Size: 377 KB
  • Pages: 56
  • Language: EN
  • Total Downloads: 65
  • Last Updated: 7 days ago

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