Money and Velocity During Financial Crises: From the Great Depression to the Great Recession

We thank Jens Christensen, Benjamin Doring, Samuel Reynard, and participants at the 2014 Paul Woolley Conference in Sydney, 2015 FMA European Conference, 2015 Bundesbank Workshop on Central Banks and Crises—Historical Perspectives, the 2015 Swiss Society for Financial Market Research Conference, and the 2015 conference, Large-Scale Crises: 1929 vs. 2008 for suggestions and comments. We thank J.B. Cooke and Elizabeth Organ for excellent research assistance. This paper reflects our intellectual debt to many monetary economists, especially Milton Friedman, Stephen Goldfeld, Richard Porter, Anna Schwartz, and James Tobin. The views expressed are those of the authors and are not necessarily those of the Federal Reserve Banks of Dallas and St. Louis, the Federal Reserve System, or the National Bureau of Economic Research. Any errors are our own.