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The Course Of The Great Depres
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The October 1987 collapse in stock prices conjured visions of 1929 and the Great Depression. Focus on this period is natural because the 32 percent decline in stock values between the market closes of October 13 and 19, 1987, was of the magnitude of--indeed, it actually exceeded--the October 1929 d ....
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....ing stock market speculation. This policy stance essentially was maintained until the stock market Crash.
While there has been much criticism of Federal Reserve policy in the Depression, its initial reaction to the October 1929 drop in stock values appears fully appropriate. Between October 1929 and February 1930, the discount rate was reduced from 6 to 4 percent. The money supply jumped in the immediate aftermath of the Crash, as commercial banks in New York made loans to securities brokers an.... |
| Number of words: 3468 |
Approximate pages: 13 |
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