A Lesson from the Great Depression that the Fed Might have Learned: A Comparison of the 1932 Open Market Purchases with Quantitative Easing
---- Acknowledgements ----
We are grateful to our discussants Annette Vissing-Jorgensen and Vasco Cúrdia for very helpful insights. We also thank Vasco for providing us access to his codes. Comments from audiences at the NBER DAE meeting, UCLA, Warwick University, the London School of Economics, Bank of International Settlements, Fed System Conference on Economic and Financial History (FRB Richmond), Conference of the Society for Computational Economics (Bordeaux), International Association of Applied Econometrics (Milan), Conference on Fixed Income Markets (Federal Reserve Bank of San Francisco and Bank of Canada), Expectations in Dynamic Macroeconomic Models (Eugene), the Econometric Society World Congress (Montreal) and European Economic Association (Mannheim) meetings are gratefully acknowledged. We also thank Andrew Jalil, Kris Mitchener, Eugene White and Michael Woodford 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.