The AD puzzle has gotten much more attention. After estimating models of the U.S. economy using interwar U.S. data, they simulate alternative policy rules and predictably find that stable money would have either greatly moderated the depression or eliminated it entirely. Peripheral and some core countries switch substantially from gold to foreign exchange reserves.
Nominal wages fall less in non-gold.
Nominal interest rates a little higher in non-gold. Note Bernanke's tabulations of the factors contributing to decline in the money supply. A. Monetary forces explain the severity of the nominal decline, but it seems necessary to look at labor market policies and other interventions to explain why the real reaction to the nominal decline was so sharp. The Great Depression often seemed to have stable high unemployment in the absence of expansionary monetary policy. A few interesting pieces of evidence.