多恩布什Chap019.docVIP

19 Big Events: The Economics of Depression, Hyperinflation, and Deficits focus of the chapter ? In this chapter we revisit the time period which gave birth to modern macroeconomics: the Great Depression. We examine the role that both monetary and fiscal policies played in its beginnings, its continuation, and our ultimate recovery from it. ? We also examine the link between money growth and inflation in normal business cycles and in hyperinflations. A variety of policy responses to hyperinflation are reviewed; the necessity of stabilizing government budget deficits in hyperinflationary e