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dc.contributor.authorBurdekin, Richard C. K.en_US
dc.contributor.authorWeidenmier, Marc D.en_US
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.publisher|aClaremont McKenna College, Department of Economics |cClaremont, CAen_US
dc.relation.ispartofseries|aWorking paper series // Claremont Institute for Economic Policy Studies |x2005-08en_US
dc.titleNon-traditional open market operations: lessons from FDR's silver purchase programen_US
dc.type|aWorking Paperen_US

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