(HT - LK)
Great to see this! I like to think this guy might have been influenced by my paper. He talks about tbe technical reason why the Fed used the discount rate rather than open market operations in the 1920-1921 depression, which is a little piece of arcana I haven't seen in any in the discussion of 1920-1921 except my RAE paper.
Is This So Retro It is Entirely Avant-Garde?
1 hour ago