SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Politics : American Presidential Politics and foreign affairs
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: TimF who wrote (44799)8/10/2010 5:19:22 PM
From: Peter Dierks1 Recommendation  Read Replies (1) of 71588
 
Did you notice that Romer is leaving? Did you know that she wrote a Journal of Economics article titled What ended the Great Depression? I suppose the morons in the Obama/Pelosi Administration got tired of being told their policies were ruining the nation and forced her out.

Here is her conclusion:

CONCLUSIONS
Monetary developments were a crucial source of the recovery of the
U.S. economy from the Great Depression. Fiscal policy, in contrast,
contributed almost nothing to the recovery before 1942. The very rapid
growth of the money supply beginning in 1933 appears to have lowered
real interest rates and stimulated investment spending just as a conventional
model of the transmission mechanism would predict. The money
supply grew rapidly in the mid- and late 1930s because of a huge
unsterilized gold inflow to the United States. Although the later gold
inflow was mainly due to political developments in Europe, the largest
inflow occurred immediately following the revaluation of gold mandated
by the Roosevelt administration in 1934. Thus, the gold inflow was due
partly to historical accident and partly to policy. The decision to let the
gold inflow swell the U.S. money supply was also, at least in part, an
independent policy choice. The Roosevelt administration chose not to
sterilize the gold inflow because it hoped that an increase in the
monetary gold stock would stimulate the depressed economy.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News