Abstract
Nearly half a century after August 1929 the debate has resumed about what produced the unusual length and extreme severity of the ensuing 43-month contraction. No new facts about that business contraction have become available that have led to revision of earlier judgments. Rather, new hands have imposed new, or reimposed old, patterns on the known facts. So we must ask whether the new hands do explain the known facts better than did earlier investigators or whether their explanations must be rejected because they do not fit the full set of known facts.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Similar content being viewed by others
References
Abramovitz, M. 1977. “Determinants of Nominal-Income and Money-Stock Growth and of the Level of the Balance of Payments: Two-Country Models under a Specie Standard.” Unpublished. Stanford University.
Abramovitz, M. N. d. “The Monetary Side of Long Swings in U.S. Economic Growth.” Stanford University Center for Research in Economic Growth, Memorandum No. 146.
Arndt, H. W. 1944. The Economic Lessons of the Nineteen-Thirties. London: Oxford University Press.
Barber, C. L. 1978. “On the Origins of the Great Depression.” Southern Economic Journal 44: 432–56.
Beckhart, B. H. 1932. The New York Money Market. Vol. 3. New York: Columbia University Press.
Beckhart, B. H.; Smith, J. G.; and Brown, W. A., Jr. 1932. The New York Money Market. Vol. 4. New York: Columbia University Press.
Brunner, K., and Meltzer, A. H. 1968. “What Did We Learn from the Monetary Experience of the United States in the Great Depression?” Canadian Journal of Economics 1: 334–48.
Cagan, P. 1965. Determinants and Effects of Changes in the Stock of Money, 1875–1960. New York: Columbia University Press, for the National Bureau of Economic Research.
Chandler, L. V. 1970. America’s Greatest Depression, 1929–1941. New York: Harper & Row.
Choudri, E., and Kochin, L. 1977. “International Transmission of Business Cycle Disturbances under Fixed and Flexible Exchange Rates: Some Evidence from the Great Depression.” Unpublished. Carleton University and University of Washington.
Clark, C. 1977. “The ‘Golden’ Age of the Great Economists: Keynes, Robbins et al. in 1930.” Encounter 49: 80–90.
Currie, L. 1935. The Supply and Control of Money in the United States. Cambridge, Mass.: Harvard University Press.
Darby, M. R. 1976. “Three-and-a-Half-Million U.S. Employees Have Been Mislaid; Or, an Explanation of Unemployment, 1934–41.” Journal of Political Economy 84: 1–16.
Fand, D. 1967. “Some Implications of Money Supply Analysis.” American Economic Review 57: 380–400.
Friedman, M., and Schwartz, A. J. 1963a. A Monetary History of the United States, 1867–1960. Princeton, N.J.: Princeton University Press, for the National Bureau of Economic Research.
— 1963b. “Money and Business Cycles.” Review of Economics and Statistics 45: 32–78.
— 1970. Monetary Statistics of the United States. New York: Columbia University Press, for the National Bureau of Economic Research.
Gandolfi, A. E. 1974. “Stability of the Demand for Money during the Great Contraction—1929–1933.” Journal of Political Economy 82: 969–83.
Gandolfi, A. E., and Lothian, J. R. 1976. “The Demand for Money from the Great Depression to the Present.” American Economic Review 66: 46–51.
— 1977. “Review of ‘Did Monetary Forces Cause the Great Depression?’” Journal of Money, Credit and Banking 9: 679–91.
Garvy, G. 1959. Debits and Clearings Statistics and Their Use. Rev. ed. Washington, D.C.: Board of Governors of the Federal Reserve System.
Gordon, R. J., and Wilcox, J. A. 1981. “Monetarist Interpretations of the Great Depression: An Evaluation and Critique.” In this volume.
Granger, C. W. J. 1969. “Investigating Causal Relations by Econometric Models and Cross-Spectral Methods.” Econometrica 37: 424–38.
Haberler, G. 1976. The World Economy, Money and the Great Depression, 1919–1939. Washington, D.C.: American Enterprise Institute for Public Policy Research.
Kindleberger, C. P. 1973. The World in Depression, 1929–1939. Berkeley, Calif.: University of California Press.
League of Nations. 1929–33. Monthly Bulletin of Statistics. Vols. 10–14. Financial and Economic Intelligence Service. Geneva.
—. 1932. Report of the Gold Delegation of the Financial Committee. Document C.502, M.343. Geneva.
Librarie de Recueil Sirey. 1937. L’Evolution de l’économie Française, 1910–1937. Paris.
Lindert, P. 1981. “Comments on ‘Understanding 1929–1933.’” In this volume.
Mayer, T. 1978 a. “Consumption in the Great Depression.” Journal of Political Economy 86: 139–45.
—. 1978 b. “Money and the Great Depression: Some Reflections on Professor Temin’s Recent Book.” Explorations in Economic History 14: 127–45.
Meltzer, A. H. 1976. “Monetary and Other Explanations of the Start of the Great Depression.” Journal of Monetary Economics 2: 455–71.
Mitchell, W. C., and Burns, A. F. 1936. Production during the American Business Cycle, 1927–1933. New York: National Bureau of Economic Research, Bulletin 61.
Moore, G. H., ed. 1961. Business Cycle Indicators. 2 vols. Princeton, N.J.: Princeton University Press, for the National Bureau of Economic Research.
Rasche, R. H. 1972. “A Review of Empirical Studies of the Money Supply Mechanism.” Federal Reserve Bank of St. Louis Review 54: 11–19.
Seiden, R. T. 1963. Trends and Cycles in the Commercial Paper Market. New York: National Bureau of Economic Research, Occasional Paper 85.
Sims, C.A. 1972. “Money and Causality.” American Economic Review 62: 540–52.
— 1977a. “Comment on D. A. Pierce, ‘Relationships—and the Lack Thereof—between Economic Time Series, with Special Reference to Money and Interest Rates.’” Journal of the American Statistical Association 72: 23–24.
— 1977b. “Macroeconomics and Reality.” Department of Economics, University of Minnesota, Discussion Paper 77–91.
Sirkin, G. 1975. “The Stock Market of 1929 Revisited: A Note.” Business History Review 49: 223–31.
Svennilson, I. 1954. Growth and Stagnation in the European Economy. Geneva: United Nations, Economic Commission for Europe.
Temin, P. 1976. Did Monetary Forces Cause the Great Depression? New York: W. W. Norton.
— 1981. “Notes on the Causes of the Great Depression.” In this volume.
U.S. Board of Governors of the Federal Reserve System. 1943. Banking and Monetary Statistics. Washington, D.C.: National Capital Press.
U.S. Bureau of the Census. 1949. Historical Statistics of the United States. Washington, D.C.: Government Printing Office.
—. 1975. Historical Statistics of the United States, Colonial Times to 1970. Bicentennial ed., pt. 1. Washington, D.C.: Government Printing Office.
U.S. Treasury Department. 1929–31. Statement of the Public Debt. Monthly. Washington, D.C.: Government Printing Office.
Warburton, C. 1945. “Monetary Theory, Full Production, and the Great Depression.” Econometrica 13: 114–28.
Wicker, E. R. 1966. Federal Reserve Monetary Policy, 1917–1933. New York: Random House.
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1981 University of Rochester Center for Research in Government Policy and Business
About this chapter
Cite this chapter
Schwartz, A.J. (1981). Understanding 1929–1933. In: Brunner, K. (eds) The Great Depression Revisited. Rochester Studies in Economics and Policy Issues, vol 2. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-8135-5_2
Download citation
DOI: https://doi.org/10.1007/978-94-009-8135-5_2
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-009-8137-9
Online ISBN: 978-94-009-8135-5
eBook Packages: Springer Book Archive