1996/09/01 by Paul J. Kubik · 1 citation
Economics, Econometrics and Finance · #Economic Theory and Policy #Economic Theory and Institutions #Monetary Policy and Economic Impact
paper · doi:10.1080/00213624.1996.11505838
openalex publication_date 1996/09/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/08/03
Scholarly debate over the role played by the Federal Reserve System in the Great Depression has been extensive. Concern has focused, to a large extent, on the causal role played by monetary variables in the economic contraction.1 Within a second, distinct tradition, attention has been devoted to the thought underlying Federal Reserve System (hereafter FRS) actions during the downturn.2 Of paramount importance to the latter discussion is the question of why FRS officials chose not to adopt a more active, interventionist policy stance during the early years of the contraction. As Epstein and Ferguson note,