The 1920-21 Deflation: The Role of Aggregate Supply

J R Vernon

Economic Inquiry, 1991, vol. 29, issue 3, 572-80

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.

Date: 1991
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