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2008-11-29 — blogspot.com
In conclusion we would say that contrary to what Mr. Krugman asserts it is apparent that the Fed made a significant policy error in raising the discount rate in early 1931. It is less clear what latitude they might have had to do more to stem the tide of bank failures because of depositor fears, but they clearly could have done more to react to the contracting money supply. We have heard that they only were able to think in termed of the monetary base and had no statistics beyond that with which to guide their efforts.
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