@techreport{Burdekin2005traditional,
abstract = {When faced with a liquidity trap, a traditional open market purchase will generally be ineffective. Theoretical studies have suggested that intervention in other markets could offer a means of escaping from this trap. We provide some empirical evidence on the importance of non-traditional open market operations by examining the economic effects of FDR's Silver Purchase Program. We employ a structural VAR to assess silver's role in influencing overall money growth, inflation and output over the 1934-1938 period. The results suggest that the US silver purchase program was effective and highlight the potential importance of non-traditional methods for reflating modern economies in a liquidity trap.},
address = {Claremont, Calif.},
author = {Richard C. K. Burdekin and Marc D. Weidenmier},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {330},
language = {eng},
number = {2005-08},
publisher = {Claremont Inst. for Economic Policy Studies},
title = {Non-traditional open market operations: lessons from FDR's silver purchase program},
type = {Working paper series // Claremont Institute for Economic Policy Studies},
url = {http://hdl.handle.net/10419/31447},
year = {2005}
}
