Macroeconomic Policy and Financial Markets During the 1930's

大萧条是美国历史上的关键时期之一。由于其影响继续影响着经济学家和政策制定者的思维，因此全面了解经济政策是如何影响崩盘和随后的复苏是很重要的。这个项目的目的是分析抑郁症的三个关键方面。第一本书将考察20世纪30年代初对银行恐慌和货币贬值的恐惧如何导致黄金囤积，以及这种囤积如何导致通缩。第二个方面将考察欧洲货币危机和美国货币政策对大萧条后期的影响。第三个将审查新政劳工立法的影响，如最低工资。将这三个方面联系在一起的共同主线将是金融市场的使用。通过研究这些政策对股票、债券和大宗商品市场的直接影响，可以得出有关对整体经济影响的重要推论。***

The Great Depression was one of the pivotal episodes in American history. Because its repercussions continue to affect the thinking of both economists and policy makers, it is important to develop a comprehensive understanding of how economic policies influenced the crash and the subsequent recovery. The purpose of this project is to analyze three key aspects of the depression. The first will examine how the fear of bank panics and currency devaluation during the early l930s may have led to the hoarding of gold, and how this hoarding could have resulted in deflation. The second aspect will examine the impact of both European currency crises and U.S. monetary policy on the latter stages of the depression. The third will examine the impact of New Deal labor legislation such as the minimum wage. The common thread tying these three aspects together will be the use of financial markets. By examining the immediate impact of these policies on stock, bond, and commodities markets, it will be possible to draw important inferences regarding the effects on the overall economy. ***