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The 1920-21 Deflation: The Role of Aggregate Supply

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  • Vernon, J R

Abstract

World War I was followed by an extremely sharp deflation in 1920-21. Most treatments have attributed this deflation to a decline in aggregate demand. This paper, noting that the deflation was not only large, but large relative to the accompanying decline in real product, argues that it was caused by a decline in aggregate demand combined with an increase in aggregate supply. Copyright 1991 by Oxford University Press.

Suggested Citation

  • Vernon, J R, 1991. "The 1920-21 Deflation: The Role of Aggregate Supply," Economic Inquiry, Western Economic Association International, vol. 29(3), pages 572-580, July.
    • Handle: RePEc:oup:ecinqu:v:29:y:1991:i:3:p:572-80
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    Cited by:

    1. Timothy J. Hatton & Mark Thomas, 2012. "Labour Markets in Recession and Recovery: The UK and the USA in the 1920s and 1930s," CEH Discussion Papers 001, Centre for Economic History, Research School of Economics, Australian National University.
    2. Timothy J. Hatton & Mark Thomas, 2010. "Labour markets in the interwar period and economic recovery in the UK and the USA," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 26(3), pages 463-485, Autumn.
    3. Patrick Newman, 2016. "The depression of 1920–1921: a credit induced boom and a market based recovery?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 29(4), pages 387-414, December.

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