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Did Hayek and Robbins Deepen the Great Depression?

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  • LAWRENCE H. WHITE

Abstract

Contrary to some accounts, the Hayek-Robbins ("Austrian") theory of the business cycle did not prescribe a monetary policy of "liquidationism" in the sense of passive indifference to sharp deflation during the early years of the Great Depression. There is no evidence that Hayek or Robbins influenced any "liquidationist" in the Hoover administration or the Federal Reserve System. Federal Reserve policy during the Great Depression was instead influenced by the real bills doctrine, which (despite some apparent similarities) was diametrically opposed in key respects to Hayek's norms for central bank policy. Copyright (c) 2008 The Ohio State University.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 40 (2008)
Issue (Month): 4 (06)
Pages: 751-768

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Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:751-768

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Keynes v. Hayek: Advantage Hawtrey
    by David Glasner in uneasy money on 2011-09-07 05:13:47
  2. El Monetarismo de Mercado y la Segunda Contrarrevolución
    by Adrián Ravier in Punto de Vista Economico on 2011-10-29 14:13:13
  3. El Monetarismo de Mercado y la Segunda Contrarrevolución
    by Adrián Ravier in Punto de Vista Economico on 2011-10-29 14:13:13
  4. Que es la Real Bills Doctrine?
    by Nicolas Cachanosky in Punto de Vista Economico on 2012-08-31 02:02:48
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Cited by:
  1. Winkler, Adalbert, 2013. "Der lender of last resort vor Gericht," Frankfurt School - Working Paper Series 206, Frankfurt School of Finance and Management.
  2. Philipp Bagus & David Howden, 2011. "Monetary equilibrium and price stickiness: Causes, consequences and remedies," The Review of Austrian Economics, Springer, vol. 24(4), pages 383-402, December.
  3. Douglas A. Irwin, 2011. "Anticipating the Great Depression? Gustav Cassel’s Analysis of the Interwar Gold Standard," NBER Working Papers 17597, National Bureau of Economic Research, Inc.
  4. Daniel Kuehn, 2011. "A critique of Powell, Woods, and Murphy on the 1920–1921 depression," The Review of Austrian Economics, Springer, vol. 24(3), pages 273-291, September.

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