[Marxism] Young Ben Bernanke, Economist

michael perelman michael at ecst.csuchico.edu
Sat Jul 10 12:14:30 MDT 2010

In 1983, Ben Bernanke published an interesting article in which he 
proposed that the real service that banks perform is the development of 
long-term working relationships, which give them the informational 
wherewithal to allocate capital efficiently.

Bernanke, Ben S. 1983. "Nonmonetary Effects of the Financial Crisis in 
the Propagation of the Great Depression" American Economic Review, 73: 3 
  (June): pp. 257-76.

He elaborated on this idea in:

Bernanke, Ben. 1993. "Credit in the Macroeconomy." Federal Reserve Bank 
of New York Quarterly Review, 18: 1 (Spring): pp. 50-70.

more at:


Michael Perelman
Economics Department
California State University
Chico, CA

530 898 5321
fax 530 898 5901

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