Transcription of This PDF is a selection from an out-of-print volume …
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This PDF is a selection from an out-of-print volume …
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research volume Title: Financial Markets and Financial Crises volume Author/Editor: R. Glenn Hubbard, editor volume Publisher: University of Chicago Press volume ISBN: 0-226-35588-8. volume URL: Conference Date: March 22-24,1990. Publication Date: January 1991. Chapter Title: The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison Chapter Author: Ben Bemanke, Harold James Chapter URL: Chapter pages in book: (p. 33 - 68). The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison Ben Bernanke and Harold James Introduction Recent research on the causes of the Great Depression has laid much of the blame for that catastrophe on the doorstep of the international gold standard. In his new book, Temin (1989) argues that structural flaws of the interwar gold standard, in conjunction with policy responses dictated by the gold standard's "rules of the game," made an international monetary contraction and deflation almost inevitable.
35 Financial Crisis in the Great Depression explicitly consider, leaving open the possibility that debt deflation was impor-tant. The rest of the paper is organized as follows.
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