大不況と金融政策

●David Beckworth, “Monetary Policy Ended the Great Depression...”（Macro and Other Market Musings, November 25, 2008）

Monetary Policy Ended the Great Depression and not fiscal policy, according to Christina Romer in her 1992 JEH paper. ・・・（略）・・・First, Romer found that fiscal policy was inconsequential not only in the early -to-mid-1930s, but also as late as 1942. Her results call into question the traditional view that World War II-driven fiscal policy ended the Great Depression. Second, Romer shows that it was monetary developments that ended the Great Depression, both in the mid- and late-1930s. In her own words:

The money supply grew rapidly in the mid- and late 1930s because of a huge unsterilized gold inflow to the United States. Although the later gold inflow was mainly due to political developments in Europe, the largest inflow occurred immediately following the revaluation of gold mandated by the Roosevelt administration in 1934. Thus, the gold inflow was due partly to historical accident and partly to policy. The decision to let the gold inflow swell the U.S. money supply was also, at least in part, an independent policy choice. The Roosevelt administration chose not to sterilize the gold inflow because it hoped that an increase in the monetary gold stock would stimulate the depressed economy.(p. 781)

ここしばらくの間理由あってネットから距離を置いた生活（＝まっとうな（？）生活）を送っていたんですけども、海外のブログ界隈では大不況（Great Depression）の経済分析の話題で盛り上がっているようで。それにしてもこのデジャヴな感じはなんでしょう。