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Debt Deflation and Financial Instability: Two Historical Explorations

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  • Eichengreen, Barry
  • Grossman, Richard S.

Abstract

Recent research, both historical and contemporary, has broadened existing analyses of the connections between financial markets and macroeconomic conditions to embrace debt deflation and financial instability explanations for business cycle fluctuations. This paper explores two episodes on which much of this research has focused: the post-bellum United States and the global depression of the 1930s. It seeks to distinguish the effects of bank failures and debt deflation and to probe the connections between them.
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Suggested Citation

  • Eichengreen, Barry & Grossman, Richard S., 1994. "Debt Deflation and Financial Instability: Two Historical Explorations," Department of Economics, Working Paper Series qt7kj202cz, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    • Handle: RePEc:cdl:econwp:qt7kj202cz
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    Blog mentions

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    1. Zero matters
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2015-04-06 17:56:17

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    Cited by:

    1. Gatti, Domenico Delli & Gallegati, Marco & Gallegati, Mauro, 2005. "On the nature and causes of business fluctuations in Italy, 1861-2000," Explorations in Economic History, Elsevier, vol. 42(1), pages 81-100, January.

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