Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/70285
Authors: 
Laidler, David
Year of Publication: 
2012
Series/Report no.: 
EPRI Working Paper 2012-4
Abstract: 
Specific ideas about the Fisher relation between real and nominal interest rates and more general ideas about the nature of the central bank's duty to support the financial system in times of crisis were important to the Monetarist re-assessment of the causes of the Great Depression and what this event implied about the inherent stability of the market economy. Aspects of the evolution of these ideas since the Depression and the role that they have played in recent debates about the Great Recession are discussed, and some tentative conclusions about the validity of Monetarist ideas are drawn.
Subjects: 
Great Depression
Great Recession
Fisher relation
interest rate
monetary policy
central bank
lender of last resort
quantitative easing
money supply
deflation
inflation
monetarism
economic stability
JEL: 
B22
E44
E58
E65
Document Type: 
Working Paper

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