Bernanke, Ben payday loans Kentwood LA S. 1983. “Nonmonetary Results of the latest Economic crisis about Propagation of one’s High Depression.” American Monetary Opinion 73 Zero step 3 (June): 257-276.
Reder, Melvin W. “Chicago Economics: Permanence and change.” Journal away from Monetary Literature 20 Zero. step one (February 1982): 1-38. Bernanke (1983, 257) says explicitly, “the current paper stimulates to your Friedman-Schwartz works…”
Your priors don’t lets you thought them from any characteristics
Bernanke (1983, 257): “The basic properties is that, as places to possess monetary states is actually incomplete, intermediation ranging from particular classes out of consumers and you may loan providers need nontrivial markets-and then make and you can suggestions-gathering services.” And you may once again during the p. 263: “We are going to demonstrably not interested in economies of types explained by the Eugene Fama (1980), in which financial locations is complete and you may advice/transactions will cost you should be overlooked.”