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stagnation and high unemployment may have had his belief in a monetary explanation for the Great Depression shaken by the failure …
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, who both warned that restoring the gold standard would cause catastrophic deflation unless monetary demand for gold was …
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apparent necessity to accept deflation to preserve the gold standard and (2) his hope that deflation would overwhelm the price …
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This chapter compares alternative explanations of the Great Depression: the Monetarist explanation of (Friedman and Schwartz,.A Monetary History of the United States, 1867-1960, Princeton University Press, 1963), the Austrian explanation of Hayek and (Robbins,.The Great Depression, Macmillan,...
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