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The Great Depression era can be divided into two parts. The initial decline lasted from mid-1929 to mid-1931. Around mid-1931, there was a change in people’s expectations about the future of the economy.〔Temin, Peter. ''Lessons from The Great Depression'', Cambridge:MIT Press, 1989. ISBN 0-262-70044-1.〕 This fear of reduced future income coupled by the Fed’s deflationary monetary policy resulted in a Mundell–Tobin effect. This further depressed the economy until Roosevelt stepped into office in 1933 and ended the gold standard, thereby ending the deflationary policy.〔Bernanke, Ben S. ''The Federal Reserve Board.'' 2 March 2004.("Remarks by Governor Ben S. Bernanke." )〕 A true understanding of the Great Depression requires not only knowledge of the U.S. monetary system but also the implications of the gold standard on its participatory nations. The gold standard made the involved nations interdependent on each other's monetary policy. Due to a fixed exchange rate, the only way to affect the demand for gold was through interest rates. For example, if interest rates were high in one country, then investors would have no reason to exchange currency for gold and the gold reserves would remain stable. However, if interest rates were low in a different country then its investors would elect to move their funds abroad where interest rates were higher. In order to stop this from happening, each nation within the gold standard union had no choice but to raise its interest rates in correspondence with its fellow nation.〔 This interconnectivity of deflationary policy amongst so many nations resulted in the prolongation of the greatest economic downturn. ==1928== February: The Federal Reserve begins raising the federal funds rate in an attempt to rein in the bull market. The U.S. and France significantly increase their gold reserves〔Frederick Lewis Allen's book "Only Yesterday: An Informal History of the 1920s"〕 Germany's industrial production declines 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Timeline of the Great Depression」の詳細全文を読む スポンサード リンク
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