Note 1: Ohanian and colleague Harold Cole calculated in 2004 that “FDR’s policies prolonged Depression by 7 years,” as announced in a UCLA press release.
Note 2: The actual study — not a press release — is considerable. Although the University of Chicago’s online version of the Journal of Political Economy is a subscription-only journal, the full text of the Ohanian-Cole study is available through BadgerLink, a hyperlink available on the website of the Irvin Young Memorial Library. Full Study Title: “New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis.” (It’s an academic study, but accessible to any audience, and well worth reading.)