A large output gap accompanied by stable inflation close to its target calls for further
monetary accommodation, but the zero lower bound on interest rates has robbed the …

The two great financial crises of the past century are the Great Depression of the 1930s and
the Great Recession, which began in 2008. Both occurred against the backdrop of sharp …

We examine bank governance and risk choices from the 1890s, a period without distortions
from deposit insurance or other government assistance to banks. We link differences in …

Conventional wisdom has it that in the 1930s fiscal policy did not work because it was not
tried. This paper shows that fiscal policy was tried in 1936. The veterans' bonus of 1936 paid …

The Great Depression deserves its title. The economic crisis that began in 1929 soon
engulfed virtually every manufacturing country and all food and raw materials producers. In …

The recession of 1937–8 is often cited as illustrating the dangers of withdrawing fiscal and
monetary stimulus too early in a weak recovery. Yet our understanding of this severe …

There are a multitude of explanations for the depth and length of the Great Depression, of
which uncertainty has been proposed as one possible explanation (Romer 1990). The …

The Great Monetary Experiment designed and administered by the Federal Reserve under
the Obama Administration unleashed strong irrational forces in global asset markets. The …

The collapse of long-term lending relationships amplified the Great Depression. We
demonstrate this by developing a new measure of lending relationships that can be …

This paper considers the impact of a regulatory policy action on bank credit and traces its
incidence across banks. I make use of a reserve requirement increase in Lebanon that was …