| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29416 |
| 来源ID | Working Paper 29416 |
| O.M.W. Sprague (the Man Who \u201cWrote the Book\u201d on Financial Crises) meets the Great Depression | |
| Hugh Rockoff | |
| 发表日期 | 2021-11-01 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | When the Great Depression struck the United States, Oliver M.W. Sprague was America’s foremost expert on financial crises. His History of Crises under the National Banking System is a frequently cited classic. Had he diagnosed a banking panic and called for an aggressive response by the Federal Reserve, it might have made a difference; but he did not. Sprague’s misdiagnosis had, I argue, two causes. First, the crisis lacked the symptoms of a panic, such as high short-term interest rates in the New York money market, which Sprague had identified from his studies of previous crises. Second, Sprague’s macro-economic ideas led him to conclude that an expansionary monetary policy would be of little help once a depression was underway. Sprague’s main concern was that abandoning the gold standard would intensify the crisis, a concern that led him to resign his position as advisor to the U.S. Treasury to protest Roosevelt’s gold policy. |
| 主题 | Other ; History of Economic Thought ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w29416 |
| 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/587090 |
| 推荐引用方式 GB/T 7714 | Hugh Rockoff. O.M.W. Sprague (the Man Who \u201cWrote the Book\u201d on Financial Crises) meets the Great Depression. 2021. |
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| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29416.pdf（1145KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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