@techreport{NBERw4481,
 title = "Could Stable Money Have Averted The Great Contraction?",
 author = "Michael D. Bordo and Ehsan U. Choudhri and Anna J. Schwartz",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "4481",
 year = "1995",
 month = "September",
 URL = "http://www.nber.org/papers/w4481",
 abstract = {We test the hypothesis that the Great Contraction would have been attenuated had the Fed not allowed the money stock to decline.  We do so by simulating a model that estimates separate relations for output and the price level and assumes that output and price dynamics are not especially sensitive to policy changes.  The simulations include a strong and a weak form of Friedman's constant money growth rule.  The results support the hypothesis that the Great Contraction would have been mitigated and shortened had the Fed followed a constant money growth rule.},
}