The Missing Transmission Mechanism in the Monetary Explanation of the Great Depression
研究了弗里德曼和施瓦茨对大萧条货币解释中缺失的传导机制，通过分析《商业周刊》杂志的证据，发现货币紧缩和美联储政策导致了通缩预期，进而通过提高实际利率抑制了支出和产出。
This paper examines the missing transmission mechanism in Friedman's and Schwartz's monetary explanation of the Great Depression. We review the challenge provided by the decline in nominal interest rates in the early 1930s, and show that the monetary explanation requires not just that there were expectations of deflation, but that they were caused by monetary contraction. Using a detailed analysis of Business Week magazine, we find evidence that monetary contraction and Federal Reserve policy contributed to expectations of deflation during the downturn. This suggests that monetary shocks may have depressed spending and output in part by raising real interest rates.