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The Demand for Money from the Great Depression to the Present

Arthur E. Gandolfi; James R. Lothian; Thomas Mayer; Allan H. Meltzer; Clark Warburton; Arthur E. Gandolfi

Myths and legends about the Great Depression have dominated the public's perception of the business cycle. They have shaped government policy and, until recently, they have even held powerful sway among economists. In the immediate aftermath of the Great Depression, many economists came to question the fundamental concept of economic equilibrium. Velocity was thought to be highly unstable -as in the case of the liquidity trap-so that the quantity of money supplied was consistent with any level of nominal income. In the real sector, there was the frightening specter of underemployment

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