U.S. Monetary and Fiscal Policy in the 1930s

64 Pages Posted: 25 Oct 2010

See all articles by Price V. Fishback

Price V. Fishback

University of Arizona; National Bureau of Economic Research (NBER)

Date Written: October 2010


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

Suggested Citation

Fishback, Price V., U.S. Monetary and Fiscal Policy in the 1930s (October 2010). NBER Working Paper No. w16477, Available at SSRN: https://ssrn.com/abstract=1696389

Price V. Fishback (Contact Author)

University of Arizona ( email )

Tucson, AZ 85721-0108
United States
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520-621-8450 (Fax)

National Bureau of Economic Research (NBER)

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