Fabrizio Almeida Marodin , Kris James Mitchener , Gary Richardson
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Contagion of fear: Panics, money, and the Great Depression
Despite its centrality in debates about the causes and consequences of the Great Depression, banking panics’ impact on the money supply during this period remains a subject of ongoing debate. Before 1936, the Fed's decentralized structure meant that panics impacted money creation regionally while monetary impulses impacted bank stability nationally. We use this structure and newly digitized data to construct monetary aggregates at the Federal Reserve district level and apply a novel identification strategy that allows us to isolate the panics’ impact on monetary aggregates. We find that panics reduced the money supply by 27%, or in other words, that panics caused most of the decline in the money supply from June 1929 to December 1932.
期刊介绍:
Explorations in Economic History provides broad coverage of the application of economic analysis to historical episodes. The journal has a tradition of innovative applications of theory and quantitative techniques, and it explores all aspects of economic change, all historical periods, all geographical locations, and all political and social systems. The journal includes papers by economists, economic historians, demographers, geographers, and sociologists. Explorations in Economic History is the only journal where you will find "Essays in Exploration." This unique department alerts economic historians to the potential in a new area of research, surveying the recent literature and then identifying the most promising issues to pursue.