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Who Absorbs the Debt-Deflation Channel? Empirical Evidence from Historical Balance Sheets and the Great Swiss Deflation

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  • Mosler, Martin
  • Schaltegger, Christoph
  • Mair, Lukas
  • Brandt, Przemyslaw

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  • Mosler, Martin & Schaltegger, Christoph & Mair, Lukas & Brandt, Przemyslaw, 2025. "Who Absorbs the Debt-Deflation Channel? Empirical Evidence from Historical Balance Sheets and the Great Swiss Deflation," VfS Annual Conference 2025 (Cologne): Revival of Industrial Policy 325423, Verein für Socialpolitik / German Economic Association.
    • Handle: RePEc:zbw:vfsc25:325423
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    References listed on IDEAS

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    3. Li Lin & Dimitrios P. Tsomocos & Alexandros P. Vardoulakis, 2019. "Debt deflation effects of monetary policy," Chapters, in: Financial Regulation and Stability, chapter 9, pages 245-258, Edward Elgar Publishing.
    4. Mark Gertler & Simon Gilchrist, 1994. "Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(2), pages 309-340.
    5. Jose A Lopez & Kris James Mitchener, 2021. "Uncertainty and Hyperinflation: European Inflation Dynamics after World War I [Modeling and forecasting realized volatility]," The Economic Journal, Royal Economic Society, vol. 131(633), pages 450-475.
    6. Xavier Giroud & Holger M. Mueller, 2017. "Firm Leverage, Consumer Demand, and Employment Losses During the Great Recession," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(1), pages 271-316.
    7. Shiller, Robert J., 2013. "Irving Fisher, Debt Deflation, And Crises," Journal of the History of Economic Thought, Cambridge University Press, vol. 35(2), pages 179-183, June.
    8. Enrique G. Mendoza, 2010. "Sudden Stops, Financial Crises, and Leverage," American Economic Review, American Economic Association, vol. 100(5), pages 1941-1966, December.
    9. Durante, Elena & Ferrando, Annalisa & Vermeulen, Philip, 2022. "Monetary policy, investment and firm heterogeneity," European Economic Review, Elsevier, vol. 148(C).
    10. Juan Carlos Cordoba & Marla Ripoll, 2004. "Collateral Constraints in a Monetary Economy," Journal of the European Economic Association, MIT Press, vol. 2(6), pages 1172-1205, December.
    11. Bernanke, Ben S, 1995. "The Macroeconomics of the Great Depression: A Comparative Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(1), pages 1-28, February.
    12. King, Mervyn, 1994. "Debt deflation: Theory and evidence," European Economic Review, Elsevier, vol. 38(3-4), pages 419-445, April.
    13. Myers, Stewart C, 1984. "The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    14. Rossier, Thierry & Ellersgaard, Christoph Houman & Larsen, Anton Grau & Lunding, Jacob Aagaard, 2022. "From integrated to fragmented elites. The core of Swiss elite networks 1910–2015," LSE Research Online Documents on Economics 113830, London School of Economics and Political Science, LSE Library.
    15. Bhamra, Harjoat S. & Fisher, Adlai J. & Kuehn, Lars-Alexander, 2011. "Monetary policy and corporate default," Journal of Monetary Economics, Elsevier, vol. 58(5), pages 480-494.
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    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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