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dc.contributor.authorBurdekin, Richard C. K.en_US
dc.contributor.authorWeidenmier, Marc D.en_US
dc.date.accessioned2010-05-14T11:06:34Z-
dc.date.available2010-05-14T11:06:34Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/31447-
dc.description.abstractWhen 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.en_US
dc.language.isoengen_US
dc.publisherClaremont Inst. for Economic Policy Studies Claremont, Calif.en_US
dc.relation.ispartofseriesWorking paper series // Claremont Institute for Economic Policy Studies 2005-08en_US
dc.subject.ddc330en_US
dc.titleNon-traditional open market operations: lessons from FDR's silver purchase programen_US
dc.typeWorking Paperen_US
dc.identifier.ppn508649188en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Claremont Colleges Working Papers in Economics, Department of Economics, Claremont McKenna College

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