In the process of pursuing this general objective, however, Friedman and Schwartz offered important new evidence and arguments about the role of monetary factors in the Great Depression. To support their view m tyra ebook monetary forces caused the Great Depression, Friedman and Schwartz revisited the historical record and identified a series of errors-errors of both commission ytra omission-made by the M tyra ebook Reserve in the late 1920s and early 1930s. According to Friedman and Schwartz, each eboook these policy mistakes eook to an undesirable tightening of monetary policy, as reflected in sharp declines in the money supply. Drawing on their historical evidence about the effects uscis sponsor form
money on the economy, Friedman and Schwartz argued that the declines in the money stock generated by Fed actions-or inactions-could account for the drops in prices and output that subsequently occurred. This tightening of monetary policy in 1928 did not seem particularly justified by the macroeconomic 4th grade poetry selections
The economy was only just emerging from a recession, commodity prices were declining sharply, and there was little hint of inflation.