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MONETARIST INTERPRETATIONS OF THE GREAT
NOTES ON THE CAUSES OF THE GREAT DEPRESSION
COMMENTS ON UNDERSTANDING 19291933
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adjustment administered prices aggregate demand aggregate supply American analysis Anna Schwartz antitrust argued argument assets autonomous bank failures bankers banking panic behavior cause coefficients concentration contraction crash decline deflation deflationary demand for money deposits depression discussion economic economists effect equation evidence expectations expenditures fall Federal Reserve System Friedman and Schwartz Gordon and Wilcox impact increase inflation influence interest rates interpretation issues Keynesian labor lagged money legislation loans macroeconomic Meltzer ment monetarist monetary expansion monetary policy money and income money stock money supply monopoly explanations NIRA period nominal income nominal money nonmonetary factors open-market percent Phillips curve postwar price change price level real balances real output recession recovery regulation relative response reverse causation rise role shift shocks simulation spending stock market stock of money Sweden Swedish Temin theory tion U.S. Congress unemployment United variables velocity wages