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Classical deflation theory

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Author Info
Thomas M. Humphrey
Abstract

Classical economists David Hume, Pehr Niclas Christiernin, Henry Thornton, David Ricardo, Thomas Attwood, and Robert Torrens looked beyond the redistributive (creditor-debtor) effects of deflationary monetary contraction to its adverse effects on output and employment. They attributed these effects to price-wage stickiness; to rises in real debt, tax, and cost burdens; to cash hoarding in anticipation of future price falls; and to other determinants. Addressing deflation associated with post-war resumption of gold convertibility at the old mint par, they advocated policies ranging from gradualism, to devaluation, and even to outright abandonment of the gold standard in order to avoid or mitigate deflation’s harm.

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Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 03-13.

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Date of creation: 2003
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Handle: RePEc:fip:fedrwp:03-13

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Keywords: Monetary theory ; Employment ; Labor productivity;

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. David Laidler, 2000. "Highlights of the Bullionist Controversy," UWO Department of Economics Working Papers 20002, University of Western Ontario, Department of Economics. [Downloadable!]
  2. repec:fip:fedreq:y:1982:i:nov:p:13-18:n:v.68no.6 is not listed on IDEAS
  3. Cesarano, Filippo, 1983. "The Rational Expectations Hypothesis in Retrospect," American Economic Review, American Economic Association, vol. 73(1), pages 198-203, March.
  4. Cesarano, Filippo, 1998. "Hume's specie-flow mechanism and classical monetary theory: An alternative interpretation," Journal of International Economics, Elsevier, vol. 45(1), pages 173-186, June. [Downloadable!] (restricted)
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  1. Goetz von Peter, 2005. "Debt-Deflation: Concepts, and a Stylised Model," Macroeconomics 0505001, EconWPA. [Downloadable!]
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