An Austrian Account of the Great Depression
Banking and the Business Cycle, by C.A. Phillips, T.F. McManus, and R.W. Nelson (1937), full text in PDF with left navigation.
From this standpoint, the theory here developed may be called a "central banking" explanation of the depression. The depth and duration of the depression are held to be the ineluctable consequences of the preceding boom. That boom could never have lasted as long as it did, nor could it have assumed the proportions it attained, under the old National Banking System. The boom and depression were therefore proximately caused by central bank credit expansion.
