MONETARY STRINGENCY, STOCK-MARKET CRASH, AND THE GREAT-DEPRESSION

This paper has drawn attention to some of the principal monetary and financial issues of the interwar years in the U.S. and the U.K. that are important for the macroeconomic and financial history. The focus has been on money and stock markets and on the quite sharply contrasting experiences of these two countries in the years 1929-1933. The British experience was distinctly milder, and many of the problems were different even if they were related in a world that was in considerable turmoil, and has many parallels with our own. © 1990.