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The Meaning of Money in the Great Depression

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Author Info
Hugh Rockoff

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Abstract

The quality of the money stock declined during the banking crises of the early 1930s. Bank deposits did not serve as a secure short- term store of purchasing power for use in an emergency as well as they had previously, and during the periods of restricted deposits in late 1932 and early 1933, bank deposits could not fulfill their basic function of being a medium of exchange. This paper presents some evidence to show that the decline in the quality of the money stock contributed to the severity of the contraction.

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Publisher Info
Paper provided by National Bureau of Economic Research, Inc in its series NBER Historical Working Papers with number 0052.

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Date of creation: Dec 1993
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Handle: RePEc:nbr:nberhi:0052

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Find related papers by JEL classification:
N11 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - U.S.; Canada: Pre-1913

Cited by:
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  1. Charles W. Calomiris & Joseph R. Mason, 2003. "Consequences of Bank Distress During the Great Depression," American Economic Review, American Economic Association, vol. 93(3), pages 937-947, June. [Downloadable!]
  2. Adam B. Ashcraft, 2005. "Are Banks Really Special? New Evidence from the FDIC-Induced Failure of Healthy Banks," American Economic Review, American Economic Association, vol. 95(5), pages 1712-1730, December. [Downloadable!]
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This page was last updated on 2009-11-19.

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