NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Great Depression

Peter Temin

NBER Historical Working Paper No. 62
Issued in November 1994
NBER Program(s):   DAE

This history of the Great Depression was prepared for The Cambridge Economic History of the United States. It describes real and imagined causes of the Depression, bank failures and deflation, the Fed and the gold standard, the start of recovery, the first New Deal, and the second New Deal. I argue that adherence to the gold standard caused the Depression, that abandoning gold started recovery, and that several of the New Deal measures adopted in the recovery lasted in good order for half a century.

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Document Object Identifier (DOI): 10.3386/h0062

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