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Austrian and Monetarist Theories of the Onset of the Great Depression

In: Monetary Policy and the Onset of the Great Depression

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  • Mark Toma

Abstract

The conventional approach to modeling monetary policy is to posit a discretionary, controlling authority, the Fed, whose monetary decisions are not limited by ordinary economic constraints. Given the Fed’s power to control the money supply, the political economist’s task is to (1) posit some policy objective, (2) evaluate the extent to which Fed decision making satisfies the objective, and (3) examine the economic consequences of those decisions. With respect to monetary policy of the 1920s prior to the onset of the Great Depression, chapter 3 suggested that two traditions, Austrian and Monetarist, best exemplify the conventional approach.

Suggested Citation

  • Mark Toma, 2013. "Austrian and Monetarist Theories of the Onset of the Great Depression," Palgrave Macmillan Books, in: Monetary Policy and the Onset of the Great Depression, chapter 0, pages 105-115, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37162-1_7
    DOI: 10.1057/9781137371621_7
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