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A note on interest rate policy during the Great Depression

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  • Virén, Matti

Abstract

This paper presents some analyses of interest rate determination in six industrialized countries during the Great Depression. The main finding of the paper is that the huge real interest rate shocks experienced during that time were mainly due to policy actions by central banks.

Suggested Citation

  • Virén, Matti, 1989. "A note on interest rate policy during the Great Depression," Bank of Finland Research Discussion Papers 2/1989, Bank of Finland.
    • Handle: RePEc:zbw:bofrdp:rdp1989_002
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    References listed on IDEAS

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    1. Hausman, Jerry, 2015. "Specification tests in econometrics," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 38(2), pages 112-134.
    2. Matti Virén, 1986. "Estimating the Output Effects of Energy Price and Real Interest Rate Shocks: A Cross-Country Study," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 122(IV), pages 627-639, December.
    3. Cecchetti, Stephen G, 1988. "The Case of the Negative Nominal Interest Rates: New Estimates of the Term Structure of Interest Rates during the Great Depression," Journal of Political Economy, University of Chicago Press, vol. 96(6), pages 1111-1141, December.
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