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THE 1920‐21 DEFLATION: THE ROLE OF AGGREGATE SUPPLY

Jack Vernon

Open publisher page 21 citations

Abstract

World War I was followed by an extremely sharp deflation in 1920–1921. 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.

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What this paper is about

World War I was followed by an extremely sharp deflation in 1920–1921. 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.

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OpenAlex reports 21 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

World War I was followed by an extremely sharp deflation in 1920–1921. 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.

Key concepts: Deflation, Aggregate supply, Economics, Aggregate demand, Keynesian economics, Aggregate (composite), Monetary economics, Supply and demand

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