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Two Crises, Two Ideas and One Question

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Abstract

Specific ideas about the Fisher relation between real and nominal interest rates and more general ideas about the nature of the central bank's duty to support the financial system in times of crisis were important to the Monetarist re-assessment of the causes of the Great Depression and what this event implied about the inherent stability of the market economy. Aspects of the evolution of these ideas since the Depression and the role that they have played in recent debates about the Great Recession are discussed, and some tentative conclusions about the validity of Monetarist ideas are drawn.

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File URL: http://economics.uwo.ca/epri/workingpapers_docs/wp2012/Laidler_04.pdf
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Bibliographic Info

Paper provided by University of Western Ontario, Economic Policy Research Institute in its series University of Western Ontario, Economic Policy Research Institute Working Papers with number 20124.

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Date of creation: 2012
Date of revision:
Handle: RePEc:uwo:epuwoc:20124

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Postal: Economic Policy Research Institute, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/research/research_papers/epri_workingpapers.html

Related research

Keywords: Great Depression; Great Recession; Fisher relation; interest rate; monetary policy; central bank; lender of last resort; quantitative easing; money supply; deflation; inflation; monetarism; economic stability;

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Cited by:
  1. Thomas M. Humphrey, 2013. "Arresting Financial Crises: The Fed versus the Classicals," Economics Working Paper Archive wp_751, Levy Economics Institute.

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