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Comment la croissance américaine aurait-elle réagi à une politique monétaire expansionniste en 1929 ?. Les enseignements cliométriques d'une simulation svar

Author Info

Listed author(s):
  • Claude Diebolt
  • Antoine Parent
  • Jamel Trabelsi

Abstract

This article deals with the relevancy of expansionary monetary policy in a situation of financial crisis in an historical perspective. We simulate, within a svar framework, the effects of expansionary monetary policy over the period 1929-1933, in the us. We suggest a renewed monetary lesson in order to enrich current monetary policies. Classification JEL : B23 ; E58 ; N12

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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 62 (2011)
Issue (Month): 6 ()
Pages: 1081-1093

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Handle: RePEc:cai:recosp:reco_626_1081
Contact details of provider: Web page: http://www.cairn.info/revue-economique.htm

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  • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-

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  9. Sims, Christopher A. & Zha, Tao, 2006. "Does Monetary Policy Generate Recessions?," Macroeconomic Dynamics, Cambridge University Press, vol. 10(02), pages 231-272, April.
  10. Kwiatkowski, Denis & Phillips, Peter C. B. & Schmidt, Peter & Shin, Yongcheol, 1992. "Testing the null hypothesis of stationarity against the alternative of a unit root : How sure are we that economic time series have a unit root?," Journal of Econometrics, Elsevier, vol. 54(1-3), pages 159-178.
  11. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-1072, June.
  12. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, vol. 73(3), pages 257-276, June.
  13. Bordo, Michael D. & Choudhri, Ehsan U. & Schwartz, Anna J., 2002. "Was Expansionary Monetary Policy Feasible during the Great Contraction? An Examination of the Gold Standard Constraint," Explorations in Economic History, Elsevier, vol. 39(1), pages 1-28, January.
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