This paper examines the American Great Depression and the ways in which the U.S. experience during the 1930s resembled that of other countries in some regards and fundamentally differed in other aspects. I also evaluate the evidence on the causes of the Great Depression in the United States and...

Why do some attempts at disinflation lead to substantial reductions in inflation while others do not? We investigate this question in the context of the Federal Reserve's attempts at disinflation since World War II. Our central finding is that a fundamental determinant of success in reducing...