Consequences of Bank Distress During the Great Depression
探讨大萧条期间银行困境如何加剧经济衰退，梳理了凯恩斯和费雪以来关于银行通过货币和信贷渠道传导危机的争议机制。
The consequences of bank distress for the economy during the Depression remain an area of unresolved controversy. Since John M. Keynes (1931) and Irving Fisher (1933), macroeconomists have argued that bank distress magnified the extent of the economic decline during the Depression. As the intermediaries controlling money and credit, banks were in a special position to transmit their distress to other sectors. But the mechanism through which banking distress mattered for the economy has been hotly contested.