Despite compelling arguments by Lester Telser, the myth continues that the recession of 1937-38 was caused by the Federal Reserve's three increases in reserve requirements from 1936 to 1937. Telser argued that banks were able to significantly increase lending prior to the recession by using asset substitutionânamely, switching from government securities to loans. This analysis reinforces Telser's position by comparing the behavior of member banks, which were subject to reserve requirement increases, to the behavior of nonmember banks, which were not constrained by such increases.Great Depression, monetary policy, reserve requirements,
235 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1987.This dissertation examines th...
Federal Reserve policy in the early postwar years has frequently been described as an "engine of inf...
In this paper we revisit the debate over the role of the banking panics in 1930-33 in precipitating ...
Despite the widespread acceptance of Friedman and Schwartz's interpretation of the 1936/37 increase ...
Economists and economic historians generally agree that the Federal Reserve made several major mista...
Outside of the recent past, excess reserves have only concerned policymakers in one other period: Th...
Depressions ; Federal Reserve System - History ; Seasonal variations (Economics) ; Financial crises
With commendable timing, academic economists rediscovered bank lending just before the start of the ...
It is widely believed that the Federal Reserve played a central role in bringing about the biggest c...
Beginning with Irving Fisher (1933) and John Maynard Keynes (1931 B [1963]), macroeconomists have ar...
This article retraces how financial stability considerations interacted with US monetary policy befo...
The consequences of bank distress for the economy during the Depression remain an area of unresolved...
International audienceThe October 1929 crash led to a complete freeze of New York open markets. Stud...
This paper argues that mismanagement of the money supply substantially contributed to the economic d...
S economic contractions more severe and more protracted, with various studies emphasizing different ...
235 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1987.This dissertation examines th...
Federal Reserve policy in the early postwar years has frequently been described as an "engine of inf...
In this paper we revisit the debate over the role of the banking panics in 1930-33 in precipitating ...
Despite the widespread acceptance of Friedman and Schwartz's interpretation of the 1936/37 increase ...
Economists and economic historians generally agree that the Federal Reserve made several major mista...
Outside of the recent past, excess reserves have only concerned policymakers in one other period: Th...
Depressions ; Federal Reserve System - History ; Seasonal variations (Economics) ; Financial crises
With commendable timing, academic economists rediscovered bank lending just before the start of the ...
It is widely believed that the Federal Reserve played a central role in bringing about the biggest c...
Beginning with Irving Fisher (1933) and John Maynard Keynes (1931 B [1963]), macroeconomists have ar...
This article retraces how financial stability considerations interacted with US monetary policy befo...
The consequences of bank distress for the economy during the Depression remain an area of unresolved...
International audienceThe October 1929 crash led to a complete freeze of New York open markets. Stud...
This paper argues that mismanagement of the money supply substantially contributed to the economic d...
S economic contractions more severe and more protracted, with various studies emphasizing different ...
235 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1987.This dissertation examines th...
Federal Reserve policy in the early postwar years has frequently been described as an "engine of inf...
In this paper we revisit the debate over the role of the banking panics in 1930-33 in precipitating ...