The war in Afghanistan is undoubtedly a key moment in the emergence of an armed rebellion in the Muslim world. The impact of this conflict quickly exceeded the borders of Afghanistan to extend Pakistan. Since then, the Iraq war, the civil war that engulfed Syria and the armed conflict in the...

We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...