A Monetary History Of The United States, 1867-1960 【2025】

They identified four critical errors, including raising interest rates in 1931 to defend the gold standard and failing to act as a "lender of last resort" to stop banking panics.

The transition from private clearinghouses to a centralized monetary authority. A Monetary History of the United States, 1867-1960

In the long run, the growth of the money supply primarily affects the price level (inflation), while in the short run, it can lead to changes in real output. They identified four critical errors

Changes in the money supply profoundly influence the economy's behavior, including fluctuations in income and prices. while in the short run

Populist efforts for bimetallism and the deflationary pressures of the late 19th century.