Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression

Bernanke, Ben

doi:10.3386/w1054

Public

Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression

Published in National Bureau of Economic Research • Jan 1, 1983

Authors:

Ben Bernanke

Abstract

This paper examines the effects of the financial crisis of the 1930s on the path of aggregate output during that period. Our approach is complementary to that of Friedman and Schwartz, who emphasized the monetary impact of the bank failures; we focus on non-monetary (primarily creditrelated) aspects...

Subject

Great Depression

Economics

Financial crisis

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