本篇文章講的是美國經濟大蕭條的起因，在大蕭條時期，人們注意到美聯儲在拯救經濟方面幾乎沒有做什麼努力。這是因為他們受到貨幣限制的政策行動得到了貴金屬的有力支持。面對經濟的通貨緊縮，美聯儲知道有必要通過降低銀行存款準備金率來擴大貨幣供應量。聯邦銀行的理事會已經決定降低準備金的要求。然而，它並沒有產生巨大的影響。結果，國家不得不面對大通貨緊縮的狀況，高失業率降低了增長率。從1920年到1920年，美聯儲將利率保持在相當低的水平。然而，他們在1929年左右突然提高了利率(Temin, 2010)。本篇代寫論文 價格 文章由英國論文人EducationRen教育網整理，供大家參考閱讀。
During the times of great depression, it had been observed that the Federal Reserve made a very little effort for saving the economy. This was because their policy actions which had been limited by the currency were backed up strongly by the precious metal. Facing the deflation of the economy, Federal Reserve knew that there was the requirement of the expansion of the monetary supply with the help of lowering of the reserve related requirements at the banks. It had been decided by the board of governors at the federal bank to decrease the requirement of the reserve. However, it did not have a sizable impact. As a result, the nation had to face the condition of the great deflation, and high rates of unemployment slower growth rate. The Federal Reserve kept the interest rates quite lower from 1920’s to 1920. However, they suddenly increase the interest rates around 1929 (Temin, 2010).
The origin of Great recession was because of the monetary policies of the Federal bank. This was done so as to lend the required money to the public (Eichengreen, 2014). Around $2.1 trillion worth of money had been used for saving the financial intermediaries which were in a large need of assistance.
From the crises situation both during the great depression and recession, it had been identified that the policy makers need to learn some important things. One of the same is that the central banks should avoid unnecessary tightening of the money. Another thing to be learnt is that quantitative methods should be for the purpose of ending the deflation. Another thing is required to be learned from both of the incidents is not to give the responsibility of the crises to any fixed society such as Wall Street.
The policy response for the same had been much different in comparison to the Federal Reserve. Most of the central banks had fiat currencies as opposed to the currencies which had been subsidized by the precious metals. During the times of the crises, the Federal reserve created the money by increasing the member banks deposits at the Federal Reserve.