Thank you for your insights. You’re right: “brief” inaccurately describes the ’20s boom; I accept the correction and have changed the wording to “robust.”

Not all economics courses in this country get taught by monocausal monetarists, but if I found myself in such a class, I would of course protect my grade by appeasing the professor’s ideological biases.

As a historian, I find the monetarist explanation incomplete. Hoover largely continued Harding & Coolidge’s economic policies, even retaining their Treasury Secretary, Andrew Mellon (served 1921–32). Underregulation of banks, businesses & the stock market created conditions conducive to a disastrous bubble… consider, for example, the utter madness of buying stock on margin. (Also, immigration restrictions probably contributed to collapsing demand.)