The Great Depression and the Friedman-Schwartz Hypothesis
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We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight shocks,
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美国国家经济研究局创建时间：
2004-01-01
