Access the full text.
Sign up today, get DeepDyve free for 14 days.
Barry Eichengreen (2003)
Reviews of Books:A History of the Federal Reserve. Volume 1, 1913-1951 Allan H. MeltzerThe American Historical Review, 108
Lawrence White (2008)
Did Hayek and Robbins Deepen the Great DepressionJournal of Money, Credit and Banking, 40
M. Boianovsky (2005)
The IS-LM Model and the Liquidity Trap Concept: From Hicks to KrugmanHistory of Political Economy, 36
L Rosten (1983)
Interview with F.A. Hayek
P. Cagan, A. Gandolfi (1969)
The Lag in Monetary Policy as Implied by the Time Pattern of Monetary Effects on Interest RatesThe American Economic Review, 59
S. Broadberry (1986)
Aggregate Supply in Interwar BritainThe Economic Journal, 96
F. Hayek, W. Bartley, Peter Klein, B. Caldwell (1989)
The collected works of F
A. Meltzer, C. Goodhart (2005)
A HISTORY OF THE FEDERAL RESERVEMacroeconomic Dynamics, 9
Bruce Caldwell (1998)
Why Didn't Hayek Review Keynes's General Theory?History of Political Economy, 30
Benjamin Strong, W. Burgess (1983)
Interpretations of Federal Reserve policy in the speeches and writings of Benjamin Strong
J. Schumpeter, J. Keynes (1936)
The General Theory of Employment, Interest and Money.Journal of the American Statistical Association, 31
C. Goodhart, M. Friedman, A. Schwartz (1964)
A Monetary History of the United States, 1867-1960.Economica, 31
S. Howson (2001)
Why Didn't Hayek Review Keynes's General Theory ? A Partial AnswerHistory of Political Economy, 33
M. Timlin, L. Klein (1948)
The Keynesian RevolutionInternational Journal, 3
Thomas Woods (2009)
Warren Harding and the Forgotten Depression of 1920
A. Meltzer (2003)
A History of the Federal Reserve, Volume 1: 1913-1951
Christina Romer (1988)
World War I and the postwar depression A reinterpretation based on alternative estimates of GNPJournal of Monetary Economics, 22
J. Vernon (1991)
THE 1920‐21 DEFLATION: THE ROLE OF AGGREGATE SUPPLYEconomic Inquiry, 29
William Butos (2003)
Knowledge Questions: Hayek, Keynes and BeyondThe Review of Austrian Economics, 16
M. Rothbard (2002)
A History of Money and Banking in the United States: The Colonial Era to World War II
J. Keynes, L. Mises, F. Bendixen (1914)
Theorie des Geldes und der Umlaufsmittel.@@@Geld und Kapital.The Economic Journal, 24
P. Temin (1998)
The Causes of American Business Cycles: an Essay in Economic HistoriographyNBER Working Paper Series
E. Wicker (1966)
A Reconsideration of Federal Reserve Policy during the 1920–1921 DepressionThe Journal of Economic History, 26
J. Keynes (2012)
Das Ende des Laissez-Faire : Ideen zur Verbindung von Privat- und Gemeinwirtschaft
LV Chandler (1959)
Benjamin Strong
D. Moggridge, S. Howson (1974)
Keynes on Monetary Policy, 1910-1946, 26
S. Howson (1973)
"A Dear Money Man"?: Keynes on Monetary Policy, 1920The Economic Journal, 83
Faith Williams, M. Beney (1938)
Cost of living in the United States 1914-1936Journal of the American Statistical Association, 33
G. Barnett, W. King (1924)
Employment, Hours and Earnings in Prosperity and Depression, United States, 1920-1922.Journal of the American Statistical Association, 19
J. Keynes
A Tract on Monetary Reform
J. Delong (1990)
"Liquidation" Cycles: Old-Fashioned Real Business Cycle Theory and the Great DepressionNBER Working Paper Series
A series of recent reviews of the depression of 1920–1921 by Austrian School and libertarian economists have argued that the downturn demonstrates the poverty of Keynesian policy recommendations. However, these writers misrepresent important characteristics of the 1920–1921 downturn, understating the actions of the Federal Reserve and overestimating the relevance of the Harding administration’s fiscal policy. They also engage a caricatured version of Keynesian theory and policy, which ignores Keynes’s views on the efficacy of nominal wage reductions and the preconditions for monetary and fiscal intervention. This paper argues that the government’s response to the 1920–1921 depression was consistent with Keynesian recommendations. It offers suggestions for when Austrian School and Keynesian economics share common ground and argues that the two schools come into conflict primarily in downturns where nominal interest rates are low and demand is depressed. Neither of these conditions held true in the 1920–1921 depression.
The Review of Austrian Economics – Springer Journals
Published: Oct 28, 2010
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.