The version I submitted is very different from the draft that's been up on SSRN. I had to cut it considerably to make it a more appropriate length. At some point, I expect to write two articles that are built up from the sections I cut:
I'm not considering writing those up any time soon, but perhaps in the future since I've got a good base of text to work from. I feel like I could write a book about this episode (perhaps I will some day). I can delve into it a lot more than what I did in this article, and I think it has reprecussions and ramifications for how people thought about economic policy making far beyond what I covered in this article.
1. The reasons why Benjamin Strong advocated cutting the discount rate in
1920 (it's a subject of some dispute in the literature which I weighed in on in
the initial draft, and
2. Harding's Conference on Unemployment, which was headed by Commerce
Secretary Herbert Hoover (interesting, misunderstood, but ultimately a little
tangential for the paper).