After the 1929 stock market crash, Christina Romer has shown consumers got spooked and held back consumption of durable goods, an effect independent of monetary policy, but it is doubtful such non-monetary effects are large enough to explain the size of the observed fluctuations.

causalpending

Speaker

Douglas Irwin

Evidence Quote

Christina Romer has shown that... consumers got a little bit spooked and they held back on their consumption of durable consumer goods

Source

Douglas Irwin on the Great Depression and the Gold Standard 10/11/2010EconTalk
Created: 6/15/2026, 9:36:56 AM

My Notes

Loading notes...