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Persistent link: https://www.econbiz.de/10010238425

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Mishkin, Frederic S. - 1999

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Financial collapse and active monetary policy : a lesson from the Great Depression

Cooper, Russell W.; Corbae, Dean - 2001

"We analyze financial collapses, such as the one that occurred during the U.S. Great Depression, from the perspective of a monetary model with multiple equilibria.The multiplicity arises from the presence of a strategic complementarity due to increasing returns to scale in the intermediation...