Although the story takes place over a period of four years, and would have therefore needed to begin around 1928, there is no change or progress in the look or time frame of the action, nor the clothing and/or hair styles of the female participants, nor the automobiles they drive; it simply begins in 1932 and ends in 1932. The stock market crash of 1929 is not mentioned, and doesn't seem to have affected or even been noticed by anyone, nor does the resultant economic depression in which the principals in real, not reel, life no doubt have found themselves.
At about 12 minutes into the film during a brief shot of Tony walking with two other men at Yale, a clear shadow of the boom microphone falls across all three.