Monetarist Interpretations of the Great Depression: An Evaluation and Critique

  title={Monetarist Interpretations of the Great Depression: An Evaluation and Critique},
  author={Robert J. Gordon and James Allen Wilcox},
  journal={Monetary Economics},
This paper rejects the proposition that there is only a single interesting question to ask about the decade of the 1930s. It is concerned not only with the role of money in the 1929-33 contraction but also with the relative role of monetary and nonmonetary factors in the recession of 1937-38 and subsequent recovery and, in addition, with the division of nominal income change between prices and real output. New empirical evidence bearing on each of these issues is provided The results suggest… 
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