What , according to the economists , caused the Great Depression in the 1920's ?
Consequently , the banking panics of 1931 , 1932 , and 1933 might not have happened , just as suspension of convertibility in 1893 and 1907 had quickly ended the liquidity crises at the time . ” Monetarist explanations had been rejected in Samuelson 's work " Economics " , writing " Today few economists regard Federal Reserve monetary policy as a panacea for controlling the business cycle .