The Demand For Money in the U.S. During the Great Depression: Estimates and Comparison with the Post War Experience
Dennis Hoffman, Robert H. Rasche
NBER Working Paper No. 3217
This study investigates the equilibrium demand for narrowly defined monetary aggregate during the Great Depression. We find evidence in support of a stable demand for real balance, but no evidence in support of stable demand functions for real currency and real monetary base. This is consistent with the Friedman-Schwartz interpretation of this period.
Document Object Identifier (DOI): 10.3386/w3217
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