What ended the Great Depression?
From the comments at Brad DeLong (way toward the bottom):
…fiscal policy had virtually nothing to do with the recovery. On this see
Brown, E. Cary. “Fiscal Policy in the Thirties: A Reappraisal.” American Economic Review 46, no. 5 (1956): 857-79.
Peppers, Larry. “Full Employment Surplus Analysis and Structural Change: The 1930s.” Explorations in Economic History 10 (1973): 197-210.
Raynold, Prosper, W. Douglas McMillin and Thomas R. Beard. “The Impact of Federal Government Expenditures in the 1930s.” Southern Economic Journal 58, no. 1 (1991): 15-28.
Christina Romer, “What Ended the Great Depression?” Journal of Economic History (1992).
I went back and reread Romer and it is monetary policy, monetary policy, and monetary policy which ended the Great Depression. It is a highly credible account.
By the way, here is Brad’s very interesting mini-essay on the New Deal, an extension of his Econoblog debate with Arnold Kling.