The Household Balance Sheet and the Great Depression

@article{Mishkin1978TheHB,
  title={The Household Balance Sheet and the Great Depression},
  author={Frederic S. Mishkin},
  journal={The Journal of Economic History},
  year={1978},
  volume={38},
  pages={918 - 937}
}
This paper focuses on changes in household balance sheets during the Great Depression as transmission mechanisms which were important in the decline of aggregate demand. Theories of consumer expenditure postulate a link between balance-sheet movements and aggregate demand, and applications of these theories indicate that balance-sheet effects can help explain the severity of this economic contraction. In analyzing the business cycle movements of this period, this paper's approach is Keynesian… 

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