Economics, Econometrics and Finance
4 years ago

Private Debt Boom Led to Great Depression Debt Deflation Spiral.

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Economic Inquiry
Was Debt Deflation Operative during the Great Depression?
James S. Fackler, Randall E. Parker

Paper Summary

The Great Depression was caused by a lot of debt that grew quickly in the 1920s. This debt was issued when prices were stable, but then prices started going down, leading to deflation. This shows that debt deflation played a big role in the Depression.

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