Consequences of Bank Distress During the Great Depression

Charles W. Calomiris · Joseph R. Mason

443 citations0/0 files storedAmerican Economic Review

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Banking stability, regulation, efficiency Monetary Policy and Economic Impact Economic Theory and Policy

Abstract

The consequences of bank distress for the economy during the Depression remain an area of unresolved controversy. Since John M. Keynes (1931) and Irving Fisher (1933), macroeconomists have argued that bank distress magnified the extent of the economic decline during the Depression. As the intermediaries controlling money and credit, banks were in a special position to transmit their distress to other sectors. But the mechanism through which banking distress mattered for the economy has been hotly contested.

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References

1995Another look at the instrumental variable estimation of error-components models 2019American Economic Review 1933The Debt-Deflation Theory of Great Depressions 2017A Monetary History of the United States, 1867-1960 1964A Monetary History of the United States, 1867-1960 2024Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression 1994Contagion and Bank Failures During the Great Depression: The June 1932 Chicago Banking Panic 1990Lessons from the Great Depression

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