クルーグマン「1932年の金利引き上げ要求論」

• Paul Krugman, "Rate Rage in 1932," The Conscience of a Liberal, September 22, 2015. 

大恐慌時代の金融政策の転換について，こんな文献を紹介されたとクルーグマンがブログに記している：

• Gerald Epstein & Thomas Ferguson, "Monetary Policy, Loan Liquidation, and Industrial Conflict: The Federal Reserve and the Open Market Operations of 1932," Journal of Economic History, vol.XLIV, No.4, 1984. 

彼のコメント：

They look carefully at the archival evidence, and find that a key factor was the complaints of commercial banks that low interest rates on government securities were squeezing their profits. That is, the turn to tight money in the face of deflation and a collapsing real economy was driven by the same narrow banker interests I have suggested explain current demands for higher rates despite low inflation.
著者たちは文献資料を注意深く調べた上で，政府債券が低金利になってじぶんたちの利益が圧迫されることに対する民間銀行の不満が重要な要因だったのを見いだしている．つまり，デフレに直面しながら金融引き締めに転じて実体経済を崩壊させるよう促したのは，銀行業界のせまい利害関心だった．いま低インフレにも関わらず金利引き上げを要求する声があがってる理由の説明にぼくが提案したのと同じ要因が当時もあったわけだ．

Epstein & Ferguson (1984) のアブストラクト：

Early in 1932 the Federal Reserve System made a serious attempt to reverse the "Great Contraction" through expansionary open market operations, but abandoned it a few months later. In this paper we offer an interpretation of the episode that throws new light on the Fed's behavior during the Depression. Key are the attitude of private bankers, Britain's abandonment of the gold standard, and the brief open market campaign. To protect bank profits the Fed abandoned the progarm which set the stage for the complete financial collapse of the United States in early 1933.