When Ben Bernanke, in his tribute to Milton Friedman, said that Regarding the Great Depression . .
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When Ben Bernanke, in his tribute to Milton Friedman, said that “Regarding the Great Depression . . . we did it,” he was referring to the fact that the Federal Reserve at the time did not pursue expansionary monetary policy. Why would a classical economist have thought that action by the Federal Reserve would not have made a difference in the length or depth of the Great Depression?
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