A Reconsideration of the Causes of the Banking Panic of 1930
重新审视1930年银行恐慌的原因，发现20年代不良贷款和投资是银行倒闭加速的主因，支持弗里德曼-施瓦茨的自主扰动解释，而非特明的债券价格下跌和农业困境假说。
The banking panic of 1930 has special significance for assessing the causal role of money during the Great Depression. A detailed examination of the panic-induced bank closings in November reveals that poor loans and investments in the 1920s was the principal factor contributing to the accelerated rate of bank suspensions. These findings are consistent with the. Friedman-Schwartz interpretation of the 1930 banking panic as a purely autonomous disturbance largely unrelated to the decline in economic activity. It is inconsistent with Peter Temin's conjecture that declining prices of lower-grade corporate bonds and the agricultural situation played an important causal role.