However, as monetary easing was resumed, real GNP started to recover from 1938 with the increase in M2.
Chart 5 Real GNP, Prices, and Money Stock in the United States during the Great Depression 120  billion U.S. dollars  CY 1929 = 100  120  100  100  80  80  60  60  Real GNP (prices in 1929) M2 Index of wholesale prices (right scale)  40  40  1940  1939  1938  1937  1936  1935  1934  1933  1932  1931  1930  1929  1928  1927  1926  CY  20  1925  20  Source: Robert J. Gordon, The American Business Cycle, The University of Chicago Press, 1986.