Abstract
This chapter provides a survey of fiscal and monetary policies during the 1930s under the Hoover and Roosevelt administrations and how they influenced policy action during the recent Great Recession. The discussion of the causal impacts of monetary policy focuses on papers written during the last decade and the findings of scholars using dynamic structural general equilibrium modelling. The discussion of fiscal policy shows why economists do not see the New Deal as a fiscal stimulus, describes the significant shift towards excise taxation during the1930s, and surveys estimates of the impact of federal spending on local economies. The chapter concludes with a discussion of the lessons for the present from 1930s monetary and fiscal policy.
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