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The Seminal Works of the Great Depression
The causes and consequences of the Great Depression have been the subject of a vast profusion of literature within the field of macroeconomics. In this timely three-volume collection, Randall Parker brings together the most authoritative works written by some of the leading experts in this field. The first volume gives a comprehensive overview of the build-up and immediate aftermath of the Depression while the second volume provides the reader with detailed analyses of the reasons behind this economic catastrophe. The third volume charts the vital research undertaken on the operation of the interwar gold standard, which has deepened our understanding of the Depression and its international character and concludes with an investigation into the Real Business Cycle approach to the Depression.
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Contributors
Contents
More Information
The causes and consequences of the Great Depression have been the subject of a vast profusion of literature within the field of macroeconomics. In this timely three-volume collection, Randall Parker brings together the most authoritative works written by some of the leading experts in this field. The first volume gives a comprehensive overview of the build-up and immediate aftermath of the initial stages of the Depression while the second volume provides the reader with detailed analyses of the monetary and financial reasons behind this economic catastrophe. The third volume charts the vital research undertaken on the operation of the interwar gold standard, which has deepened our understanding of the Depression and its international character and concludes with an investigation into the economic recovery and the New Deal.
This important and highly relevant collection, along with an original introduction by the editor, will be an invaluable reference tool for students, scholars and practitioners with an interest in the economic aspects of the Great Depression.
This important and highly relevant collection, along with an original introduction by the editor, will be an invaluable reference tool for students, scholars and practitioners with an interest in the economic aspects of the Great Depression.
Contributors
62 articles, dating from 1930 to 2009
Contributors include: B. Bernanke, S. Cecchetti, B. Eichengreen, I. Fisher, M. Friedman, J, Hamilton, M. Kitson, R. Lucas, Jr., A. Meltzer, P. Temin
Contributors include: B. Bernanke, S. Cecchetti, B. Eichengreen, I. Fisher, M. Friedman, J, Hamilton, M. Kitson, R. Lucas, Jr., A. Meltzer, P. Temin
Contents
Contents:
Volume I
Acknowledgements
Introduction Randall E. Parker
PART I THE SET UP: WORLD WAR I AND THE 1920s
1. Kenneth W. Dam (1982), ‘The Golden Age’
2. Michael D. Bordo (1999), ‘The Gold Standard: Theory’
3. Peter Temin (1989), ‘The Spoils of War: The Cause of the Great Depression’
4. Allan H. Meltzer (2003), ‘New Procedures, New Problems, 1923 to 1929’
PART II THE CRASH
5. Eugene N. White (1990), ‘The Stock Market Boom and Crash of 1929 Revisited’
6. J. Bradford De Long and Andrei Shleifer (1991), ‘The Stock Market Bubble of 1929: Evidence from Closed-end Mutual Funds’
7. Ellen R. McGrattan and Edward C. Prescott (2004), ‘The 1929 Stock Market: Irving Fisher Was Right’
PART III RECESSION
8. Frederic S. Mishkin (1978), ‘The Household Balance Sheet and the Great Depression’
9. Christina D. Romer (1990), ‘The Great Crash and the Onset of the Great Depression’
10. Martha L. Olney (1999), ‘Avoiding Default: The Role of Credit in the Consumption Collapse of 1930’
11. Lee E. Ohanian (2009), ‘What – or Who – Started the Great Depression?’
12. Barry Eichengreen (1989), ‘The Political Economy of the Smoot-Hawley Tariff’
13. Mario J. Crucini (1994), ‘Sources of Variation in Real Tariff Rates: The United States, 1900–1940’
PART IV NEOCLASSICAL GROWTH THEORY AND DEPRESSION
14. Harold L. Cole and Lee E. Ohanian (1999), ‘The Great Depression in the United States from a Neoclassical Perspective’
Volume II
Acknowledgements
An introduction by the editor to all three volumes appears in Volume I
PART I DEPRESSION: MONETARY, NONMONTARY / FINANCIAL EXPLANATIONS OF THE DEPRESSION
1. Milton Friedman and Anna Jacobson Schwartz (1963), ‘The Great Contraction, 1929–33’
2. Allan H. Meltzer (2003), ‘Why Did Monetary Policy Fail in the Thirties?’
3. Ben S. Bernanke (1983), ‘Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression’
4. James D. Hamilton (1987), ‘Monetary Factors in the Great Depression’
5. Barry Eichengreen and Kris J. Mitchener (2004), ‘The Great Depression as a Credit Boom Gone Wrong’
6. Charles W. Calomiris and David C. Wheelock (1998), ‘Was the Great Depression a Watershed for American Monetary Policy?’
7. Charles E. Persons (1930), ‘Credit Expansion, 1920 to 1929, and its Lessons’
8. Ben S. Bernanke and Ilian Mihov (2000), ‘Deflation and Monetary Contraction in the Great Depression: An Analysis by Simple Ratios’
9. Michael D. Bordo, Ehsan U. Choudhri and Anna J. Schwartz (2002), ‘Was Expansionary Monetary Policy Feasible during the Great Contraction? An Examination of the Gold Standard Constraint’
10. Chang-Tai Hsieh and Christina D. Romer (2006), ‘Was the Federal Reserve Constrained by the Gold Standard During the Great Depression? Evidence from the 1932 Open Market Purchase Program’
11. Bennett T. McCallum (1990), ‘Could a Monetary Base Rule have Prevented the Great Depression?’
12. James S. Fackler and Randall E. Parker (1994), ‘Accounting for the Great Depression: A Historical Decomposition’
13. Stephen G. Cecchetti (1992), ‘Prices During the Great Depression: Was the Deflation of 1930–1932 Really Anticipated?’
14. Daniel B. Nelson (1991), ‘Was the Deflation of 1929–1930 Anticipated? The Monetary Regime as Viewed by the Business Press’
15. Stephen G. Cecchetti (1998), ‘Understanding the Great Depression: Lessons for Current Policy’
16. Stephen G. Cecchetti and Georgios Karras (1994), ‘Sources of Output Fluctuations During the Interwar Period: Further Evidence on the Causes of the Great Depression’
17. Gary Richardson and William Troost (2009), ‘Monetary Intervention Mitigated Banking Panics during the Great Depression: Quasi-Experimental Evidence from a Federal Reserve District Border, 1929–1933’
18. James L. Butkiewicz (2008), ‘Governor Eugene Meyer and the Great Contraction’
19. Irving Fisher (1933), ‘The Debt-Deflation Theory of Great Depressions’
20. James D. Hamilton (1992), ‘Was the Deflation During the Great Depression Anticipated? Evidence from the Commodity Futures Market’
21. Martin Evans and Paul Wachtel (1993), ‘Were Price Changes During the Great Depression Anticipated?: Evidence from Nominal Interest Rates’
22. James S. Fackler and Randall E. Parker (2005), ‘Was Debt Deflation Operative During the Great Depression?’
Volume III
Acknowledgements
An introduction by the editor to all three volumes appears in Volume I
PART I DEPRESSION: GOLD STANDARD EXPLANATIONS OF THE DEPRESSION
1. Barry Eichengreen (1992), ‘Introduction’
2. Michael Kitson (2003), ‘Slump and Recovery: The UK Experience’
3. Barry Eichengreen and Jeffrey Sachs (1985), ‘Exchange Rates and Economic Recovery in the 1930s
4. Barry Eichengreen (1986), ‘The Bank of France and the Sterilization of Gold, 1926–1932’
5. Ben Bernanke and Harold James (1991), ‘The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison’
6. Elmus R. Wicker (1965), ‘Federal Reserve Monetary Policy, 1922–33: A Reinterpretation’
7. Kenneth W. Dam (1982), ‘The Interwar Years’
8. Barry Eichengreen and Peter Temin (2000), ‘The Gold Standard and the Great Depression’
9. Ben S. Bernanke (1995), ‘The World on a Cross of Gold: A Review of “Golden Fetters: The Gold Standard and the Great depression, 1919–1939”’
10. Barry Eichengreen and Jeffrey Sachs (1986), ‘Competitive Devaluation and the Great Depression: A Theoretical Reassessment’
11. Barry Eichengreen and Peter Temin (2003), ‘”Afterword”: Counterfactual Histories of the Great Depression’
12. Thomas Ferguson and Peter Temin (2003), ‘Made in Germany: The German Currency Crisis of July 1931’
PART II RECOVERY AND THE NEW DEAL
13. Robert E. Lucas, Jr. and Leonard A. Rapping (1972), ‘Unemployment in the Great Depression: Is There a Full Explanation?’
14. Harold L. Cole and Lee E. Ohanian (2004), ‘New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis’
15. Christina D. Romer (1993), ‘The Nation in Depression’
16. Gauti B. Eggertsson (2008), ‘Great Expectations and the End of the Depression’
17. Barrie A. Wigmore (1987), ‘Was the Bank Holiday of 1933 Caused by a Run on the Dollar?’
18. Peter Temin and Barrie A. Wigmore (1990), ‘The End of One Big Deflation’
19. E. Cary Brown (1956), ‘Fiscal Policy in the ‘Thirties: A Reappraisal’
20. Prosper Raynold, W. Douglas McMillin and Thomas R. Beard (1991), ‘The Impact of Federal Government Expenditures in the 1930s’
21. Michael M. Weinstein (1981), ‘Some Macroeconomic Impacts of the National Industrial Recovery Act, 1933–1935’
22. Harold L. Cole and Lee E. Ohanian (2002), ‘The Great U.K. Depression: A Puzzle and Possible Resolution’
23. Paul Beaudry and Franck Portier (2002), ‘The French Depression in the 1930s’
24. Robert A. Margo (1993), ‘Employment and Unemployment in the 1930s’
25. Price V. Fishback, Shawn Kantor and John Joseph Wallis (2003), ‘Can the New Deal’s Three R’s be Rehabilitated? A Program-by-Program, County-by-County Analysis’
26. Price V. Fishback, William C. Horrace and Shawn Kantor (2005), ‘Did New Deal Grant Programs Stimulate Local Economies? A Study of Federal Grants and Retail Sales During the Great Depression’
Volume I
Acknowledgements
Introduction Randall E. Parker
PART I THE SET UP: WORLD WAR I AND THE 1920s
1. Kenneth W. Dam (1982), ‘The Golden Age’
2. Michael D. Bordo (1999), ‘The Gold Standard: Theory’
3. Peter Temin (1989), ‘The Spoils of War: The Cause of the Great Depression’
4. Allan H. Meltzer (2003), ‘New Procedures, New Problems, 1923 to 1929’
PART II THE CRASH
5. Eugene N. White (1990), ‘The Stock Market Boom and Crash of 1929 Revisited’
6. J. Bradford De Long and Andrei Shleifer (1991), ‘The Stock Market Bubble of 1929: Evidence from Closed-end Mutual Funds’
7. Ellen R. McGrattan and Edward C. Prescott (2004), ‘The 1929 Stock Market: Irving Fisher Was Right’
PART III RECESSION
8. Frederic S. Mishkin (1978), ‘The Household Balance Sheet and the Great Depression’
9. Christina D. Romer (1990), ‘The Great Crash and the Onset of the Great Depression’
10. Martha L. Olney (1999), ‘Avoiding Default: The Role of Credit in the Consumption Collapse of 1930’
11. Lee E. Ohanian (2009), ‘What – or Who – Started the Great Depression?’
12. Barry Eichengreen (1989), ‘The Political Economy of the Smoot-Hawley Tariff’
13. Mario J. Crucini (1994), ‘Sources of Variation in Real Tariff Rates: The United States, 1900–1940’
PART IV NEOCLASSICAL GROWTH THEORY AND DEPRESSION
14. Harold L. Cole and Lee E. Ohanian (1999), ‘The Great Depression in the United States from a Neoclassical Perspective’
Volume II
Acknowledgements
An introduction by the editor to all three volumes appears in Volume I
PART I DEPRESSION: MONETARY, NONMONTARY / FINANCIAL EXPLANATIONS OF THE DEPRESSION
1. Milton Friedman and Anna Jacobson Schwartz (1963), ‘The Great Contraction, 1929–33’
2. Allan H. Meltzer (2003), ‘Why Did Monetary Policy Fail in the Thirties?’
3. Ben S. Bernanke (1983), ‘Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression’
4. James D. Hamilton (1987), ‘Monetary Factors in the Great Depression’
5. Barry Eichengreen and Kris J. Mitchener (2004), ‘The Great Depression as a Credit Boom Gone Wrong’
6. Charles W. Calomiris and David C. Wheelock (1998), ‘Was the Great Depression a Watershed for American Monetary Policy?’
7. Charles E. Persons (1930), ‘Credit Expansion, 1920 to 1929, and its Lessons’
8. Ben S. Bernanke and Ilian Mihov (2000), ‘Deflation and Monetary Contraction in the Great Depression: An Analysis by Simple Ratios’
9. Michael D. Bordo, Ehsan U. Choudhri and Anna J. Schwartz (2002), ‘Was Expansionary Monetary Policy Feasible during the Great Contraction? An Examination of the Gold Standard Constraint’
10. Chang-Tai Hsieh and Christina D. Romer (2006), ‘Was the Federal Reserve Constrained by the Gold Standard During the Great Depression? Evidence from the 1932 Open Market Purchase Program’
11. Bennett T. McCallum (1990), ‘Could a Monetary Base Rule have Prevented the Great Depression?’
12. James S. Fackler and Randall E. Parker (1994), ‘Accounting for the Great Depression: A Historical Decomposition’
13. Stephen G. Cecchetti (1992), ‘Prices During the Great Depression: Was the Deflation of 1930–1932 Really Anticipated?’
14. Daniel B. Nelson (1991), ‘Was the Deflation of 1929–1930 Anticipated? The Monetary Regime as Viewed by the Business Press’
15. Stephen G. Cecchetti (1998), ‘Understanding the Great Depression: Lessons for Current Policy’
16. Stephen G. Cecchetti and Georgios Karras (1994), ‘Sources of Output Fluctuations During the Interwar Period: Further Evidence on the Causes of the Great Depression’
17. Gary Richardson and William Troost (2009), ‘Monetary Intervention Mitigated Banking Panics during the Great Depression: Quasi-Experimental Evidence from a Federal Reserve District Border, 1929–1933’
18. James L. Butkiewicz (2008), ‘Governor Eugene Meyer and the Great Contraction’
19. Irving Fisher (1933), ‘The Debt-Deflation Theory of Great Depressions’
20. James D. Hamilton (1992), ‘Was the Deflation During the Great Depression Anticipated? Evidence from the Commodity Futures Market’
21. Martin Evans and Paul Wachtel (1993), ‘Were Price Changes During the Great Depression Anticipated?: Evidence from Nominal Interest Rates’
22. James S. Fackler and Randall E. Parker (2005), ‘Was Debt Deflation Operative During the Great Depression?’
Volume III
Acknowledgements
An introduction by the editor to all three volumes appears in Volume I
PART I DEPRESSION: GOLD STANDARD EXPLANATIONS OF THE DEPRESSION
1. Barry Eichengreen (1992), ‘Introduction’
2. Michael Kitson (2003), ‘Slump and Recovery: The UK Experience’
3. Barry Eichengreen and Jeffrey Sachs (1985), ‘Exchange Rates and Economic Recovery in the 1930s
4. Barry Eichengreen (1986), ‘The Bank of France and the Sterilization of Gold, 1926–1932’
5. Ben Bernanke and Harold James (1991), ‘The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison’
6. Elmus R. Wicker (1965), ‘Federal Reserve Monetary Policy, 1922–33: A Reinterpretation’
7. Kenneth W. Dam (1982), ‘The Interwar Years’
8. Barry Eichengreen and Peter Temin (2000), ‘The Gold Standard and the Great Depression’
9. Ben S. Bernanke (1995), ‘The World on a Cross of Gold: A Review of “Golden Fetters: The Gold Standard and the Great depression, 1919–1939”’
10. Barry Eichengreen and Jeffrey Sachs (1986), ‘Competitive Devaluation and the Great Depression: A Theoretical Reassessment’
11. Barry Eichengreen and Peter Temin (2003), ‘”Afterword”: Counterfactual Histories of the Great Depression’
12. Thomas Ferguson and Peter Temin (2003), ‘Made in Germany: The German Currency Crisis of July 1931’
PART II RECOVERY AND THE NEW DEAL
13. Robert E. Lucas, Jr. and Leonard A. Rapping (1972), ‘Unemployment in the Great Depression: Is There a Full Explanation?’
14. Harold L. Cole and Lee E. Ohanian (2004), ‘New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis’
15. Christina D. Romer (1993), ‘The Nation in Depression’
16. Gauti B. Eggertsson (2008), ‘Great Expectations and the End of the Depression’
17. Barrie A. Wigmore (1987), ‘Was the Bank Holiday of 1933 Caused by a Run on the Dollar?’
18. Peter Temin and Barrie A. Wigmore (1990), ‘The End of One Big Deflation’
19. E. Cary Brown (1956), ‘Fiscal Policy in the ‘Thirties: A Reappraisal’
20. Prosper Raynold, W. Douglas McMillin and Thomas R. Beard (1991), ‘The Impact of Federal Government Expenditures in the 1930s’
21. Michael M. Weinstein (1981), ‘Some Macroeconomic Impacts of the National Industrial Recovery Act, 1933–1935’
22. Harold L. Cole and Lee E. Ohanian (2002), ‘The Great U.K. Depression: A Puzzle and Possible Resolution’
23. Paul Beaudry and Franck Portier (2002), ‘The French Depression in the 1930s’
24. Robert A. Margo (1993), ‘Employment and Unemployment in the 1930s’
25. Price V. Fishback, Shawn Kantor and John Joseph Wallis (2003), ‘Can the New Deal’s Three R’s be Rehabilitated? A Program-by-Program, County-by-County Analysis’
26. Price V. Fishback, William C. Horrace and Shawn Kantor (2005), ‘Did New Deal Grant Programs Stimulate Local Economies? A Study of Federal Grants and Retail Sales During the Great Depression’
