Federal ID: 91-6001537
ISSN: 0022-1090 (Print) | 1756-6916 (Online)
An Experiment in Tight Monetary Policy: Revisiting the 1920-1921 Depression
Bruce Carlin and William Mann ♦ Is there a tradeoff between the short-run and long-run real effects of monetary policy “leaning against the wind?” We provide novel evidence on this question from the United States in 1920-1921. Our identification strategy exploits…