US monetary and fiscal policy in the 1930s

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37 Scopus citations


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 modelling. 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.

Original languageEnglish (US)
Article numbergrq029
Pages (from-to)385-413
Number of pages29
JournalOxford Review of Economic Policy
Issue number3
StatePublished - 2010


  • Fiscal policy
  • Great Depression
  • Macroeconomics
  • Monetary policy
  • New Deal
  • Supply-side policy
  • Taxation

ASJC Scopus subject areas

  • Economics and Econometrics
  • Management, Monitoring, Policy and Law


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