Quantitative Easing in the 1930s

descriptionPublicationkeyboard_double_arrow_right Article 19 Dec 2018 English Publisher:WileyJournal:Journal of Money, Credit and Banking, volume 51, pages 1,169-1,207 (issn: 0022-2879, eissn: 1538-4616,

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Authors: CHRISTOPHER HANES;

doi: 10.1111/jmcb.12589

Quantitative Easing in the 1930s

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Abstract

AbstractDuring the 1934–39 recovery from the U.S. Great Depression, overnight interest rates were usually at a lower bound. Meanwhile, American monetary authorities followed policies related to today's debates on quantitative easing: they tried to stabilize yields on Treasury bonds with open market operations; they created rapid growth in high‐powered money; and they allowed transitory factors to affect high‐powered money. Effects of these policies on bond yields reveal a portfolio effect of short‐duration asset supply on term premiums. This portfolio effect helps explain why high‐powered money growth was associated with recovery of real activity over 1934–39.

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