NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Meaning of Money in the Great Depression

Hugh Rockoff

NBER Historical Working Paper No. 52
Issued in December 1993
NBER Program(s):   DAE

The quality of the money stock declined during the banking crises of the early 1930s. Bank deposits did not serve as a secure short- term store of purchasing power for use in an emergency as well as they had previously, and during the periods of restricted deposits in late 1932 and early 1933, bank deposits could not fulfill their basic function of being a medium of exchange. This paper presents some evidence to show that the decline in the quality of the money stock contributed to the severity of the contraction.

download in pdf format
   (538 K)

email paper

This paper is available as PDF (538 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/h0052

Users who downloaded this paper also downloaded these:
Bernanke w1054 Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression
Rockoff w9522 Deflation, Silent Runs, and Bank Holidays, in the Great Contraction
Temin h0062 The Great Depression
Calomiris and Mason w4934 Contagion and Bank Failures During the Great Depression: The June 1932 Chicago Banking Panic
Richardson w12717 Bank Distress during the Great Depression: The Illiquidity-Insolvency Debate Revisited
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us