What Ended the Great Depression

@inproceedings{Romer1992WhatET,
  title={What Ended the Great Depression},
  author={Christina D. Romer},
  year={1992}
}
This paper examines the role of aggregate demand stimulus in ending the Great Depression. A simple calculation indicates that nearly all of the observed recovery of the U.S. economy prior to 1942 was due to monetary expansion. Huge gold inflows in the mid- and late-1930s swelled the U.S. money stock and appear to have stimulated the economy by lowering real interest rates and encouraging investment spending and purchases of durable goods. The finding that monetary developments were crucial to… CONTINUE READING

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