2003 Articles
Consequences of Bank Distress During the Great Depression
The consequences of bank distress for the economy during the Depression remain an area of unresolved controversy. Since John M. Keynes (1931) and Irving Fisher (1933), macroeconomists have argued that bank distress magnified the extent of the economic decline during the Depression. As the intermediaries controlling money and credit, banks were in a special position to transmit their distress to other sectors. But the mechanism through which banking distress mattered for the economy has been hotly contested.
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Also Published In
- Title
- American Economic Review
- DOI
- https://doi.org/10.1257/000282803322157188
More About This Work
- Academic Units
- Business
- Published Here
- August 10, 2011