Abstract
The authors in this section of their dialogue challenge the view that the Great Depression was the fault of the Fed for not having pursued aggressive monetary expansion. Bernanke famously apologized for that supposed error in a 90th birthday celebration for Milton Friedman. He got the error wrong. The Fed’s biggest monetary mistakes were in the years running up to the 1929 Crash. The authors proceed to challenge another widely held view—that the Fed aborted the recovery which built through 1934–36 by starting to normalize monetary policy too soon.
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References
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Brown, B., Simonnot, P. (2020). Explaining 1929. In: Europe's Century of Crises Under Dollar Hegemony. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-46653-4_5
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DOI: https://doi.org/10.1007/978-3-030-46653-4_5
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