What Impact did the New Deal have on Demand?

A lot, actually.  This chart (h/t Brad DeLong & Matt Yglasias) makes this clear.

You can see that the depression-era policies of FDR drove up the demand for labor thereby injecting much-needed liquidity into the economy.  In fact, it drove up demand by nearly 40%.  The sloppy, ideologically-driven "research" by Cole/Ohanian is disproven yet again.