A Duopoly Theory of Government Money Production: The 1930s and 1940s: A Comment

Maria Socorro H. Gochoco, Raburn M. Williams


This study suggests that the bureaucratic perspective provide a framework compared with the public interest perspective from which to interpret the behavior of the FED and the Treasury in the 1930s and 1940s. It also applies some basic tenets of monetary theory to refute the assertions of some regarding the conduct of monetary policy in that period.

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