Monetary Policy and the Onset of the Great Depression The Myth of Be

Monetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartz's now consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal

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Mon e ta ry Pol ic y a n d t h e Onse t of t h e Gr e at De pr ession

10.1057/9781137371621 - Monetary Policy and the Onset of the Great Depression, Mark Toma

10.1057/9781137371621 - Monetary Policy and the Onset of the Great Depression, Mark Toma

Copyright material from www.palgraveconnect.com - licensed to University of Aberdeen - PalgraveConnect - 2014-04-27

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The Myth of Benjamin Strong as Decisive Leader

Mark Toma

10.1057/9781137371621 - Monetary Policy and the Onset of the Great Depression, Mark Toma

Copyright material from www.palgraveconnect.com - licensed to University of Aberdeen - PalgraveConnect - 2014-04-27

Mon e ta ry Pol ic y a n d t h e Onse t of t h e Gr e at De pr ession

MONETARY POLICY AND THE ONSET OF THE GREAT DEPRESSION

Copyright © Mark Toma, 2013. All rights reserved.

Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN: 978–1–137–37254–3 Library of Congress Cataloging-in-Publication Data is available from the Library of Congress. A catalogue record of the book is available from the British Library. Design by Newgen Knowledge Works (P) Ltd., Chennai, India. First edition: December 2013 10 9 8 7 6 5 4 3 2 1

10.1057/9781137371621 - Monetary Policy and the Onset of the Great Depression, Mark Toma

Copyright material from www.palgraveconnect.com - licensed to University of Aberdeen - PalgraveConnect - 2014-04-27

First published in 2013 by PALGRAVE MACMILLAN® in the United States— a division of St. Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010.

10.1057/9781137371621 - Monetary Policy and the Onset of the Great Depression, Mark Toma

Copyright material from www.palgraveconnect.com - licensed to University of Aberdeen - PalgraveConnect - 2014-04-27

To Mattie and Genia

10.1057/9781137371621 - Monetary Policy and the Onset of the Great Depression, Mark Toma

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List of Figures

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List of T