David C. Wheelock investigates a recent claim that the reappearance of financial crises during the Depression was caused by a reduction in the Fed’s accommodation of seasonal currency and credit demands. His review of Fed procedures and statistical evidence about the Fed’s use of its policy tools and about market outcomes suggests no change in seasonal policy. The Federal Reserve may rightly be criticized for failing to offset dramatic non-seasonal increases in currency and reserve demands during the Depression, he says, but it appears unlikely that the financial crises of the Depression were caused by a change in the System’s seasonal policies.