| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10255 |
| 来源ID | Working Paper 10255 |
| The Great Depression and the Friedman-Schwartz Hypothesis | |
| Lawrence J. Christiano; Roberto Motto; Massimo Rostagno | |
| 发表日期 | 2004-01-26 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight shocks, the story it tells about the Great Depression turns out to be a simple and familiar one. The contraction phase was primarily a consequence of a shock that induced a shift away from privately intermediated liabilities, such as demand deposits and liabilities that resemble equity, and towards currency. The slowness of the recovery from the Depression was due to a shock that increased the market power of workers. We identify a monetary base rule which responds only to the money demand shocks in the model. We solve the model with this counterfactual monetary policy rule. We then simulate the dynamic response of this model to all the estimated shocks. Based on the model analysis, we conclude that if the counterfactual policy rule had been in place in the 1930s, the Great Depression would have been relatively mild. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w10255 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567884 |
| 推荐引用方式 GB/T 7714 | Lawrence J. Christiano,Roberto Motto,Massimo Rostagno. The Great Depression and the Friedman-Schwartz Hypothesis. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10255.pdf（1107KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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