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Coming to Terms with Benjamin Strong

In: Monetary Policy and the Onset of the Great Depression

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  • Mark Toma

Abstract

The previous chapter cast doubt on a core implication of the Austrian and Monetarist theories: that monetary policy was to blame for the onset of the Great Depression. For Austrians the problem was too much money in the early 1920s. For Monetarists, the problem was too little money in the late 1920s. Each side was misled, I argued, because they failed to come to terms with the scissors effect.

Suggested Citation

  • Mark Toma, 2013. "Coming to Terms with Benjamin Strong," Palgrave Macmillan Books, in: Monetary Policy and the Onset of the Great Depression, chapter 0, pages 117-141, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37162-1_8
    DOI: 10.1057/9781137371621_8
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