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The Great Depression

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  • Peter Temin

Abstract

This history of the Great Depression was prepared for The Cambridge Economic History of the United States. It describes real and imagined causes of the Depression, bank failures and deflation, the Fed and the gold standard, the start of recovery, the first New Deal, and the second New Deal. I argue that adherence to the gold standard caused the Depression, that abandoning gold started recovery, and that several of the New Deal measures adopted in the recovery lasted in good order for half a century.

Suggested Citation

  • Peter Temin, 1994. "The Great Depression," NBER Historical Working Papers 0062, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberhi:0062
    Note: DAE
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    File URL: http://www.nber.org/papers/h0062.pdf
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    Cited by:

    1. Nina Dodig & Hansjorg Herr, 2014. "Previous financial crises leading to stagnation – selected case studies," Working papers wpaper24, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    2. Per Hortlund, 2006. "In Defense of the Real Bills Doctrine," Econ Journal Watch, Econ Journal Watch, vol. 3(1), pages 73-87, January.
    3. Sorin Cristian Niţă, 2018. "Financial Crisis – from the US to the EU," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 21(69), pages 93-97, September.
    4. Jon D. Wisman & Barton Baker, 2011. "Rising Inequality and the Financial Crises of 1929 and 2008," Perspectives from Social Economics, in: Martha A. Starr (ed.), Consequences of Economic Downturn, chapter 0, pages 63-82, Palgrave Macmillan.
    5. Duque, Valentina & Schmitz, Lauren L., 2020. "The Influence of Early-life Economic Shocks on Long-term Outcomes: Evidence from the U.S. Great Depression," Working Papers 2020-11, University of Sydney, School of Economics.
    6. Christian Alexander Belabed, 2015. "Income Distribution and the Great Depression," IMK Working Paper 153-2015, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    7. Richard H. Timberlake, 2005. "Gold Standards and the Real Bills Doctrine in U.S. Monetary Policy," Econ Journal Watch, Econ Journal Watch, vol. 2(2), pages 196-233, August.
    8. Christian A. Belabed, 2016. "Inequality and the New Deal," IMK Working Paper 166-2016, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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