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Two Historical Examples of Deflation

In: In Defense of Deflation

Author

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  • Philipp Bagus

    (Universidad Rey Juan Carlos)

Abstract

Completing the theoretical analysis of deflation, I will now be able to apply the theoretical knowledge in interpreting historical cases of deflation. With knowledge of the possible causes and consequences of deflation, the interpretation of these historical facts should shed new light on the historical examples. Therefore, these examples will serve to illustrate the theoretical points made in the above analysis. Two cases will be discussed: the price deflation in the United States from 1865 to 1896 and the price deflation in Germany during the Great Depression. These cases have been selected for mainly two main reasons. First, they serve as a practical demonstration of the majority of the above analyzed types of deflation. Second, these examples are particularly illustrative. The American deflation is one of the longest in history. The German deflation is one of the sharpest during the Great Depression, which is itself of great interest for the economic historians and source of important misinterpretations.

Suggested Citation

  • Philipp Bagus, 2015. "Two Historical Examples of Deflation," Financial and Monetary Policy Studies, in: In Defense of Deflation, edition 127, chapter 0, pages 119-189, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-13428-4_5
    DOI: 10.1007/978-3-319-13428-4_5
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