The Missing Transmission Mechanism in the Monetary Explanation of the Great Depression
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This paper is an expanded version of a paper presented at the American Economic Association Annual Meeting in the session entitled “The Fiftieth Anniversary of Milton Friedman and Anna J. Schwartz, A Monetary History of the United States. The abbreviated paper will appear in the American Economic Review Papers and Proceedings, May 2013. We are grateful to Paul Matsiras for research assistance and to Laurence Ball for comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.