513:
425:
Forces employed 2.9 million people. This fell to 1.5 million in 1919 and 380,000 by 1920. The effects on the labor market were most striking in 1920, when the civilian labor force increased by 1.6 million people, or 4.1%, in a single year. (Though smaller than the numbers in post–World War II demobilization in 1946 and 1947, this is otherwise the largest documented one-year labor force increase.) In the early 1920s, both prices and wages changed more quickly than today. Employers may have been quicker to offer reduced wages to returning troops, hence lowering their production costs, and lowering their prices.
504:, a period of significant inflation of bank credit and paper claims would be followed by a wave of redemptions as depositors and speculators moved to secure their assets. This would lead to a deflationary period as bank credit and claims diminished and the money supply contracted in line with gold reserves. The introduction of the Federal Reserve System in 1913 had not fundamentally altered this link to gold. The economy had been generally inflationary since 1896, and from 1914 to 1920, prices had increased quickly. People and businesses thus expected prices to fall substantially.
642:
However, by 1920, the
British transition from a wartime to a peacetime economy faltered, and a serious recession struck the economy between 1920–1922. James Mitchell, Solomos Solomou and Martin Weale have estimated that GDP fell sharply by 22% between August 1920 and May 1921. They estimate that output did not exceed the 1920 level until the spring of 1924. With other major economies also mired in recession, the export-dependent economy of Britain was particularly hard-hit. Unemployment reached 17%, with overall exports at only half of their pre-war levels.
31:
383:
654:
603:
and the last governmentally unmediated business cycle downturn, meaning it was the last one that the government didn't attempt to treat with fiscal intervention with much lower interest rates. In fact, the FED, then still wet behind the ears as it only had been founded in 1914, actually raised rates in the face of a truly brutal deflation."
350:. During the recession, there was an extremely sharp decline in industrial production. From May 1920 to July 1921, automobile production declined by 60% and total industrial production by 30%. At the end of the recession, production quickly rebounded. Industrial production returned to its peak levels by October 1922. The
540:
branch in every state having substantial unemployment, along with sub-branches in local communities and mayors' emergency committees in 31 cities. The committee contributed relief to the unemployed, and also organized collaboration between the local and federal governments. President
Harding signed the
424:
was followed by a growth spurt. The recession that occurred in 1920, however, was also affected by the adjustments following the end of the war, particularly the demobilization of soldiers. One of the biggest adjustments was the re-entry of soldiers into the civilian labor force. In 1918, the Armed
254:
The recession of 1920–1921 was characterized by extreme deflation, the largest one-year percentage decline in around 140 years of data. The
Department of Commerce estimates 18% deflation, Balke and Gordon estimate 13% deflation, and Romer estimates 14.8% deflation. Wholesale prices fell 36.8%, the
641:
Britain initially enjoyed an economic boom between 1919–1920, as private capital pent-up over four years of war was invested into the economy. The shipbuilding industry was flooded with orders to replace lost shipping (7.9 million tons worth of merchant shipping stock was destroyed during the war).
602:
why the depression of 1920–1921 was relatively short compared to the 21st century's economic recession and the following economic downturn that started in 2007. "The essential point about the long ago downturn of 1920–1921 is that it was kind of the last demonstration of how a price mechanism works
68:
immediately following the end of the war, complicating the absorption of millions of veterans into the economy. The economy started to grow, but it had not yet completed all the adjustments in shifting from a wartime to a peacetime economy. Factors identified as contributing to the downturn include
453:
During World War I, labor unions had increased their power—the government had a great need for goods and services, and with so many young men in the military, there was a tight labor market. Following the war, however, there was a period of turmoil for labor unions, as they lost their bargaining
539:
as a result of rising unemployment during the recession. About 300 eminent members of industry, banking, and labor were called together in
September 1921 to discuss the problem of unemployment. Hoover organized the economic conference and a committee on unemployment. The committee established a
617:
economic policies during the 1920–1921 recession, combined with a coordinated aggressive policy of rapid government downsizing, had a direct influence on the rapid and widespread private-sector recovery. Woods argued that, as there were massive distortions in private markets due to government
407:
Factors that economists have pointed to as potentially causing or contributing to the downturn include troops returning from the war, which created a surge in the civilian labor force and more unemployment and wage stagnation; a decline in agricultural commodity prices because of the post-war
345:
Unemployment rose sharply during the recession. Romer estimates a rise to 8.7% from 5.2% and an older estimate from
Stanley Lebergott says unemployment rose from 5.2% to 11.7%. Both agree that unemployment quickly fell after the recession, and by 1923 had returned to a level consistent with
398:
and 89% during the Great
Depression). The climate was terrible for businesses—from 1919 to 1922 the rate of business failures tripled, climbing from 37 failures to 120 failures per every 10,000 businesses. Businesses that avoided bankruptcy saw a 75% decline in profits.
576:
agrees that high interest rates due to the Fed's effort to fight inflation caused the problem. This did not cause a deficiency in aggregate demand but in aggregate supply. Once the Fed relaxed its monetary policy, the economy rapidly recovered.
263:(although adding all the years of the Great Depression together yields more cumulative deflation). The deflation of 1920–21 was extreme in absolute terms, and also unusually extreme given the relatively small decline in gross domestic product.
354:
Index of
Industrial Productivity showed a decline of 29.4%, followed by an increase of 60.1%—by this measure, the recession of 1920–21 had the most severe decline and most robust recovery of any recession between 1899 and the Great Depression.
1978:
491:
began raising interest rates sharply. In
December 1919 the rate was raised from 4.75% to 5%. A month later it was raised to 6%, and in June 1920 it was raised to 7% (the highest interest rates of any period except the 1970s and early 1980s).
618:
economic influence related to demands of World War I, an equally massive correction to the distortions needed to occur as quickly as possible to realign investment and consumption with the new peacetime economic environment.
362:
found the recession of 1920–21 to have the largest drop in business activity of any recession between 1873 and the Great
Depression. (By this measure, Zarnowitz finds the recession to be only slightly larger than the
1971:
631:
Woods underemphasizes the role the monetary stimulus played in reviving the depressed economy and that, since the 1920–1921 recession was not characterized by a deficiency in aggregate demand, fiscal stimulus was
1964:
408:
recovery of
European agricultural output, which increased supply; tighter monetary policy to combat the postwar inflation of 1919; and expectations of future deflation that led to reduced investment.
2882:
2887:
394:
reached a peak of 119.6 on November 3, 1919, two months before the recession began. The market bottomed on August 24, 1921, at 63.9, a decline of 47% (by comparison, the Dow fell 44% during the
227:. This was longer than most post–World War I recessions, but was shorter than recessions of 1910–1912 and 1913–1914 (24 and 23 months respectively). It was significantly shorter than the
2872:
1504:
1493:
1909:
2862:
416:
Adjusting from war time to peacetime was an enormous shock for the U.S. economy. Factories focused on wartime production had to shut down or retool their production. A short
621:
In a 2011 article, Daniel Kuehn, a proponent of Keynesian economics, questions many of the assertions Woods makes about the 1920–1921 recession. Kuehn notes the following:
386:
The Dow Jones Industrial Average from January 1918 to January 1923. The index peaked at 119.6 on November 3, 1919 and bottomed at 63.9 on August 24, 1921, a decline of 47%.
2852:
2857:
2127:
1987:
1386:
1265:
437:
pandemic in the United States began in spring 1918 and returned in waves into 1920, killing about 675,000 Americans. Because a large fraction of the deaths were among
1611:
1924:
1620:
2370:
1995:
1867:
985:
839:"The Coronavirus and the Great Influenza Pandemic: Lessons from the "Spanish Flu" for the Coronavirus's Potential Effects on Mortality and Economic Activity"
61:. It lasted from January 1920 to July 1921. The extent of the deflation was not only large, but large relative to the accompanying decline in real product.
625:
the most substantial downsizing of government was attributable to the Wilson administration, and occurred well before the onset of the 1920–1921 recession.
454:
power. In 1919, 4 million workers went on strike at some point, significantly more than the 1.2 million in the preceding years. Major strikes included an
1883:
2730:
2677:
1403:
Bordo, Michael D., and John Landon-Lane. "Exits from Recessions: The US Experience 1920–2007" . No. w15731. National Bureau of Economic Research, 2010.
2588:
2195:
2200:
1991:
1634:
1418:
667:
483:
459:
2298:
2293:
2288:
2282:
1499:
Tallman, Ellis, and Eugene N. White. "Monetary Policy When One Size Does Not Fit All: the Federal Reserve Banks and the Recession of 1920–1921."
1956:
2566:
445:
and Jose Ursua suggests that the flu was responsible for declines in gross domestic product of 6 to 8 percent worldwide between 1919 and 1921.
251:, but two informal rules are a 10% decline in GDP or a recession lasting more than three years, and the unemployment rate climbing above 10%.
2571:
2100:
1361:
2819:
1555:
1229:
693:
224:
2940:
2935:
1929:
2930:
2925:
2715:
1604:
1465:
1432:
1333:
2920:
2915:
1919:
1799:
1563:
512:
1794:
1580:
2561:
628:
the Harding administration raised revenues in 1921 by expanding the tax base considerably at the same time that it lowered rates.
488:
42:. The upheaval associated with the transition from a wartime to peacetime economy contributed to a depression in 1920 and 1921.
2779:
2513:
1888:
417:
65:
1914:
1262:
487:, consider mistakes in Federal Reserve policy as a key factor in the crisis. In response to post–World War I inflation the
2950:
2541:
2257:
1873:
1845:
1811:
1597:
535:. Once in office, Harding convened a President's Conference on Unemployment at the instigation of then Commerce Secretary
2423:
1878:
1840:
1092:
466:, "By the spring of 1920, with unemployment rates rising, labor ceased its aggressive stance and labor peace returned."
391:
2451:
545:
2737:
1835:
1823:
1457:
1424:
1120:
1073:
236:
2624:
2619:
2578:
1784:
889:
Lawrence H. Officer, "The Annual Consumer Price Index for the United States, 1774–2008", MeasuringWorth, 2009. URL:
2794:
2769:
2546:
2333:
2251:
1934:
1817:
1727:
1474:
Nelson, Daniel. "'A Newly Appreciated Art:' The Development of Personnel Work at Leeds & Northrup, 1915–1923."
256:
1016:
2814:
2804:
2551:
1940:
1779:
773:
1172:
2704:
2492:
541:
2654:
2649:
2644:
958:
527:'s slow response to the depression was criticized by those in the Republican party, catapulting them into the
2809:
2799:
2789:
2784:
2774:
2165:
1945:
931:(1988). "World War I and the postwar depression; A reinterpretation based on alternative estimates of GNP".
866:
809:
97:
2486:
2318:
1675:
2556:
232:
588:, the flight of gold from hyper-inflationary Europe to the U.S. raised the nominal stock of high-powered
2742:
2725:
2720:
2709:
2672:
2667:
2661:
2272:
2241:
2139:
1789:
1660:
1245:
1118:
Wicker, Elmus R. (1966). "A Reconsideration of Federal Reserve Policy during the 1920–1921 Depression".
1087:
595:
1511:
Wicker, Elmus R (1966). "A Reconsideration of Federal Reserve Policy during the 1920–1921 Depression".
1286:
Kuehn, Daniel (September 2011). "A critique of Powell, Woods, and Murphy on the 1920–1921 depression".
2308:
2153:
1898:
901:
Louis D. Johnston and Samuel H. Williamson, "What Was the U.S. GDP Then?" MeasuringWorth, 2008. URL:
569:
455:
1481:
Newman, Patrick. "The depression of 1920–1921: a credit induced boom and a market based recovery?."
914:
568:, the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the
2945:
2407:
2262:
2170:
2122:
2090:
2071:
1805:
1716:
1650:
248:
1208:
463:
2892:
2877:
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2847:
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2837:
2832:
2826:
2144:
2112:
1536:
1528:
1350:
1303:
1189:
1145:
1137:
1008:
1226:
1501:
Workshop on Monetary and Financial History Federal Reserve Bank of Atlanta and Emory University
57:
in the United States, United Kingdom and other countries, beginning 14 months after the end of
2613:
2607:
2601:
2207:
2180:
2117:
2105:
2066:
2035:
1655:
1559:
1461:
1428:
1380:
1329:
2694:
2689:
2535:
2524:
2185:
2175:
2085:
2045:
2040:
2015:
2010:
2006:
1904:
1520:
1449:
1295:
1181:
1129:
1065:
1000:
940:
846:
777:
736:
581:
517:
359:
260:
240:
228:
101:
93:
35:
30:
2025:
2763:
2753:
2503:
2444:
2439:
2433:
1829:
1410:
1269:
1233:
981:
928:
610:
561:
474:
364:
347:
244:
86:
2052:
2030:
1861:
1665:
740:
536:
532:
524:
96:
brought a period of economic prosperity between August 1921 and August 1929, until the
2909:
2480:
2474:
2465:
2459:
2401:
2392:
2383:
2365:
2354:
2342:
2312:
2134:
1769:
1764:
1748:
1743:
1732:
1722:
1711:
1706:
1701:
1696:
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1670:
1540:
1414:
1307:
1149:
1044:
963:
944:
614:
589:
585:
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549:
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478:
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adults, the resulting economic dislocation was especially severe. Work by economists
421:
395:
376:
372:
368:
82:
1012:
804:
223:
The recession lasted from January 1920 to July 1921, or 18 months, according to the
2224:
2217:
2212:
2081:
2076:
2020:
1737:
834:
800:
757:
659:
606:
573:
442:
727:
Vernon, J. R. (July 1991). "The 1920-21 Deflation: The Role of Aggregate Supply".
2634:
2190:
2149:
2095:
1893:
1165:"Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz"
528:
438:
434:
78:
74:
70:
58:
39:
462:
in November 1919, and a major railroad strike in 1920. According to economist
2418:
1524:
1299:
1133:
689:
649:
17:
2229:
2160:
2061:
2057:
54:
51:
915:"Great Depression | Definition, History, Causes, Effects, & Facts"
382:
552:
also successfully pushed for lower income tax rates to help the recovery.
1404:
829:
827:
1589:
1532:
1488:
Shaw, Christopher W. “'We Must Deflate': The Crime of 1920 Revisited."
1193:
1164:
1141:
902:
890:
351:
1549:
516:
Representatives attending the 1921 Conference on Unemployment held in
592:. This ended the deflation and contributed to the economic recovery.
1185:
1004:
851:
838:
782:
761:
511:
381:
29:
1583:". EH.Net Encyclopedia, edited by Robert Whaples. March 26, 2008.
1236:(Presidential Address to International Atlantic Economic Society)
1548:
Committee of the President's Conference on Unemployment (1923).
1960:
1593:
1043:
Anthony Patrick O'Brien (1997). "Depression of 1920–1921". In
247:
estimates a decline of 2.4%. There is no formal definition of
1097:
1250:
The Forgotten Depression, 1921— The Crash That Cured Itself,
1326:
A History of Britain: Liberal England, World War and Slump
1349:
Mitchell, Solomou, Weale, James, Solomou, Martin (2011).
843:
National Bureau of Economic Research Working Paper Series
795:
793:
69:
returning troops, which created a surge in the civilian
1227:"Lessons from the Early History of the Federal Reserve"
1454:
A History of the Federal Reserve – Volume 1: 1913–1951
1910:
2011 Tōhoku earthquake and tsunami stock market crash
1263:"Warren Harding and the Forgotten Depression of 1920"
986:"Spurious Volatility in Historical Unemployment Data"
390:
Stocks fell dramatically during the recession. The
2752:
2688:
2633:
2587:
2502:
2417:
2364:
2271:
2240:
1854:
1757:
1684:
1643:
1627:
1443:
Encyclopedia of American Recessions and Depressions
239:estimates that GNP declined 6.9%; Nathan Balke and
1420:A Monetary History of the United States, 1867–1960
1051:. New York: Garland Publishing. pp. 151–153.
1635:Early stock market crashes in the Dutch Republic
1049:Business cycles and depressions: an encyclopedia
1972:
1605:
1328:. London: Stacey International. p. 154.
837:; Ursúa, José F.; Weng, Joanna (March 2020).
690:US Business Cycle Expansions and Contractions
8:
1385:: CS1 maint: multiple names: authors list (
1351:"Monthly GDP Estimates for Interwar Britain"
1060:
1058:
231:(132 months). Estimates for the decline in
752:
750:
1979:
1965:
1957:
1612:
1598:
1590:
1038:
1036:
259:. This is worse than any year during the
1925:2015–2016 Chinese stock market turbulence
976:
974:
850:
781:
722:
420:occurring in the United States following
92:Following the end of the depression, the
720:
718:
716:
714:
712:
710:
708:
706:
704:
702:
584:suggests that since the U.S. was on the
73:and problems in absorbing the veterans;
1163:Romer, Christina; Romer, David (1989).
679:
668:List of recessions in the United States
484:A Monetary History of the United States
1378:
685:
683:
265:
115:Economic data for 1920–1921 recession
111:
1319:
1317:
766:Brookings Papers on Economic Activity
89:; and changes in price expectations.
7:
1556:National Bureau of Economic Research
903:http://www.measuringworth.org/usgdp/
891:http://www.measuringworth.org/uscpi/
694:National Bureau of Economic Research
225:National Bureau of Economic Research
2283:British credit crisis of 1772–1773
741:10.1111/j.1465-7295.1991.tb00847.x
696:. Retrieved on September 22, 2008.
613:, argues that President Harding's
38:for soldiers returning home after
25:
1996:Commonwealth of Nations countries
1920:2011 Bangladesh share market scam
1824:Japanese asset price bubble crash
1800:Souk Al-Manakh stock market crash
762:"Macroeconomic Crises since 1870"
1551:Business Cycles and Unemployment
1367:from the original on 21 May 2020
993:The Journal of Political Economy
803:; Ursua, Jose F. (May 5, 2009).
652:
560:According to a 1989 analysis by
489:Federal Reserve Bank of New York
243:estimate a decline of 3.5%; and
1992:recessions in the United States
1207:Krugman, Paul (April 1, 2011).
600:The Forgotten Depression, 1921,
152:1920–1921 (Balke & Gordon)
1930:2015–2016 stock market selloff
1915:August 2011 stock markets fall
1:
1884:U.S. bear market of 2007–2009
1874:Stock market downturn of 2002
1846:1998 Russian financial crisis
1812:Rio de Janeiro Stock Exchange
933:Journal of Monetary Economics
460:bituminous coal miners strike
456:iron and steel workers strike
1879:Chinese stock bubble of 2007
1795:1973–1974 stock market crash
1483:Review of Austrian Economics
1288:Review of Austrian Economics
1093:Dow Jones Industrial Average
945:10.1016/0304-3932(88)90171-7
598:discusses in his 2014 book,
392:Dow Jones Industrial Average
358:Using a variety of indexes,
27:Sharp deflationary recession
2738:1997 Asian financial crisis
2371:Civil War-era United States
1841:October 27, 1997 mini-crash
1836:1997 Asian financial crisis
1513:Journal of Economic History
1458:University of Chicago Press
1425:University of Chicago Press
1324:Carter & Mears (2011).
1121:Journal of Economic History
1074:University of Chicago Press
805:"Pandemics and Depressions"
255:most severe drop since the
237:U.S. Department of Commerce
123:
2967:
2941:1921 in the United Kingdom
2936:1920 in the United Kingdom
2514:Post–World War I recession
2334:Post-Napoleonic Depression
1894:2009 Dubai debt standstill
1889:2007–2008 financial crisis
1818:Friday the 13th mini-crash
1728:Paris Bourse crash of 1882
1252:Simon & Schuster, 2014
1173:NBER Macroeconomics Annual
1047:, Thomas F. Cooley (ed.).
283:
280:
277:
257:American Revolutionary War
132:
129:
126:
66:post–World War I recession
2931:1921 in the United States
2926:1920 in the United States
2424:2nd Industrial Revolution
2357:(1836–1838 and 1839–1843)
2273:1st Industrial Revolution
2041:Price-and-wage stickiness
2002:
1941:2018 cryptocurrency crash
1935:Brexit stock market crash
1780:Wall Street Crash of 1929
1525:10.1017/s0022050700068674
1300:10.1007/s11138-010-0131-3
1134:10.1017/S0022050700068674
1088:"Dow Historical Timeline"
929:Christina Duckworth Romer
871:www.digitalhistory.uh.edu
774:The Brookings Institution
760:; Ursua, Jose F. (2008).
496:Deflationary expectations
273:
268:
119:
114:
2921:1921 in economic history
2916:1920 in economic history
2705:1990s United States boom
2493:Financial crisis of 1914
1656:South Sea Bubble of 1720
1490:Enterprise & Society
548:. Secretary of Treasury
542:Emergency Tariff of 1921
2520:Depression of 1920–1921
2452:Depression of 1882–1885
2366:Early Victorian Britain
2101:Real and nominal values
1946:2020 stock market crash
1868:9/11 stock market crash
1775:Depression of 1920–1921
1581:US Economy in the 1920s
1476:Business History Review
1445:(2 vol ABC-CLIO, 2014).
959:"Diagnosing depression"
810:The Wall Street Journal
546:Fordney–McCumber Tariff
48:Depression of 1920–1921
2625:Recession of 1969–1970
2620:Recession of 1960–1961
2579:Recession of 1937–1938
1785:Recession of 1937–1938
1651:The Mississippi Bubble
1492:17.3 (2016): 618-650.
520:
429:1918–1920 flu pandemic
387:
377:Recession of 1907–1908
373:Recession of 1893–1894
369:Recession of 1882–1885
365:Recession of 1873–1879
233:Gross National Product
43:
2743:Early 2000s recession
2710:Early 1990s recession
2662:Early 1980s recession
2242:Commercial revolution
2140:Nominal interest rate
1790:Kennedy Slide of 1962
1661:Bengal Bubble of 1769
1485:29.4 (2016): 387–414.
1478:44.4 (1970): 520–535.
609:, a proponent of the
515:
458:in September 1919, a
385:
138:1920–1921 (Commerce)
64:There was a two-year
33:
2951:Stock market crashes
2309:Copper Panic of 1789
1899:European debt crisis
1621:Stock market crashes
1460:. pp. 109–131.
1427:. pp. 231–239.
967:. December 30, 2008.
570:Federal Reserve Bank
531:under the banner of
2645:1973–1975 recession
2589:Post–WWII expansion
2263:Great Frost of 1709
2091:Neutrality of money
2072:Classical dichotomy
1988:Economic expansions
1832:(16 September 1992)
1209:"1921 and All That"
917:. 15 February 2024.
508:Government response
249:economic depression
100:that triggered the
81:strife; changes in
2827:COVID-19 recession
2487:Panic of 1910–1911
2319:Panic of 1796–1797
2145:Real interest rate
2113:Economic expansion
1676:Panic of 1796–1797
1441:Leab, Daniel, ed.
1268:2009-10-13 at the
1232:2012-07-22 at the
1213:The New York Times
521:
412:End of World War I
388:
269:Unemployment rate
166:1920–1921 (Romer)
98:stock market crash
44:
2903:
2902:
2614:Recession of 1958
2608:Recession of 1953
2602:Recession of 1949
2299:Thirteen Colonies
2106:Velocity of money
2036:Paradox of thrift
1954:
1953:
1808:(19 October 1987)
1450:Meltzer, Allan H.
1415:Schwartz, Anna J.
1225:Allan H. Metzer,
1066:Zarnowitz, Victor
867:"Digital History"
343:
342:
221:
220:
34:A 1919 parade in
16:(Redirected from
2958:
2695:Great Regression
2690:Great Moderation
2536:Great Depression
2525:Roaring Twenties
2046:Underconsumption
2016:Effective demand
2007:Aggregate demand
1981:
1974:
1967:
1958:
1905:2010 Flash Crash
1614:
1607:
1600:
1591:
1569:
1544:
1471:
1438:
1411:Friedman, Milton
1391:
1390:
1384:
1376:
1374:
1372:
1366:
1355:
1346:
1340:
1339:
1321:
1312:
1311:
1283:
1277:
1274:First Principles
1259:
1253:
1243:
1237:
1223:
1217:
1216:
1204:
1198:
1197:
1169:
1160:
1154:
1153:
1115:
1109:
1108:
1106:
1105:
1096:. Archived from
1084:
1078:
1077:
1062:
1053:
1052:
1040:
1031:
1030:
1028:
1027:
1021:
1015:. Archived from
990:
982:Romer, Christina
978:
969:
968:
955:
949:
948:
925:
919:
918:
911:
905:
899:
893:
887:
881:
880:
878:
877:
863:
857:
856:
854:
835:Barro, Robert J.
831:
822:
821:
819:
817:
801:Barro, Robert J.
797:
788:
787:
785:
758:Barro, Robert J.
754:
745:
744:
729:Economic Inquiry
724:
697:
687:
662:
657:
656:
655:
582:Allan H. Meltzer
518:Washington, D.C.
360:Victor Zarnowitz
266:
261:Great Depression
241:Robert J. Gordon
229:Great Depression
112:
102:Great Depression
94:Roaring Twenties
36:Washington, D.C.
21:
2966:
2965:
2961:
2960:
2959:
2957:
2956:
2955:
2906:
2905:
2904:
2899:
2764:Great Recession
2756:
2754:Information Age
2748:
2697:
2693:
2684:
2637:
2635:Great Inflation
2629:
2591:
2583:
2506:
2504:Interwar period
2498:
2434:Long Depression
2426:
2422:
2413:
2373:
2369:
2360:
2275:
2267:
2244:
2236:
2201:U.S. recessions
2196:U.K. recessions
2128:U.S. expansions
1998:
1985:
1955:
1950:
1850:
1830:Black Wednesday
1753:
1680:
1639:
1623:
1618:
1587:
1579:Smiley, Gene. "
1576:
1566:
1547:
1510:
1468:
1448:
1435:
1409:
1400:
1398:Further reading
1395:
1394:
1377:
1370:
1368:
1364:
1353:
1348:
1347:
1343:
1336:
1323:
1322:
1315:
1285:
1284:
1280:
1270:Wayback Machine
1260:
1256:
1244:
1240:
1234:Wayback Machine
1224:
1220:
1206:
1205:
1201:
1186:10.2307/3584969
1167:
1162:
1161:
1157:
1117:
1116:
1112:
1103:
1101:
1086:
1085:
1081:
1070:Business Cycles
1064:
1063:
1056:
1042:
1041:
1034:
1025:
1023:
1019:
988:
980:
979:
972:
957:
956:
952:
927:
926:
922:
913:
912:
908:
900:
896:
888:
884:
875:
873:
865:
864:
860:
833:
832:
825:
815:
813:
799:
798:
791:
756:
755:
748:
726:
725:
700:
688:
681:
676:
658:
653:
651:
648:
639:
611:Austrian School
562:Milton Friedman
558:
556:Interpretations
510:
498:
475:Milton Friedman
472:
470:Monetary policy
451:
431:
414:
405:
348:full employment
245:Christina Romer
235:also vary: The
110:
87:monetary policy
77:; a decline in
28:
23:
22:
15:
12:
11:
5:
2964:
2962:
2954:
2953:
2948:
2943:
2938:
2933:
2928:
2923:
2918:
2908:
2907:
2901:
2900:
2898:
2897:
2896:
2895:
2890:
2885:
2883:United Kingdom
2880:
2875:
2870:
2865:
2860:
2855:
2850:
2845:
2840:
2835:
2824:
2823:
2822:
2817:
2815:United Kingdom
2812:
2807:
2802:
2797:
2792:
2787:
2782:
2777:
2772:
2760:
2758:
2757:(2007–present)
2750:
2749:
2747:
2746:
2740:
2735:
2734:
2733:
2728:
2726:United Kingdom
2723:
2718:
2707:
2701:
2699:
2686:
2685:
2683:
2682:
2681:
2680:
2675:
2673:United Kingdom
2670:
2659:
2658:
2657:
2652:
2650:United Kingdom
2641:
2639:
2631:
2630:
2628:
2627:
2622:
2617:
2611:
2605:
2599:
2595:
2593:
2585:
2584:
2582:
2581:
2576:
2575:
2574:
2569:
2567:United Kingdom
2564:
2559:
2554:
2549:
2544:
2533:
2530:
2527:
2522:
2517:
2510:
2508:
2500:
2499:
2497:
2496:
2490:
2484:
2478:
2472:
2469:
2463:
2457:
2454:
2449:
2448:
2447:
2442:
2440:United Kingdom
2430:
2428:
2415:
2414:
2412:
2411:
2405:
2399:
2396:
2390:
2387:
2381:
2377:
2375:
2362:
2361:
2359:
2358:
2352:
2349:
2346:
2340:
2337:
2331:
2328:
2325:
2322:
2316:
2306:
2303:
2302:
2301:
2296:
2291:
2279:
2277:
2269:
2268:
2266:
2265:
2260:
2255:
2248:
2246:
2238:
2237:
2235:
2234:
2233:
2232:
2222:
2221:
2220:
2215:
2205:
2204:
2203:
2198:
2193:
2188:
2183:
2178:
2173:
2168:
2158:
2157:
2156:
2147:
2142:
2132:
2131:
2130:
2125:
2120:
2110:
2109:
2108:
2103:
2098:
2093:
2088:
2079:
2074:
2069:
2055:
2053:Business cycle
2050:
2049:
2048:
2043:
2038:
2033:
2031:Overproduction
2028:
2023:
2018:
2003:
2000:
1999:
1986:
1984:
1983:
1976:
1969:
1961:
1952:
1951:
1949:
1948:
1943:
1938:
1932:
1927:
1922:
1917:
1912:
1907:
1902:
1896:
1891:
1886:
1881:
1876:
1871:
1865:
1862:Dot-com bubble
1858:
1856:
1852:
1851:
1849:
1848:
1843:
1838:
1833:
1827:
1821:
1815:
1809:
1803:
1797:
1792:
1787:
1782:
1777:
1772:
1767:
1761:
1759:
1755:
1754:
1752:
1751:
1746:
1741:
1735:
1730:
1725:
1720:
1714:
1709:
1704:
1699:
1694:
1688:
1686:
1682:
1681:
1679:
1678:
1673:
1668:
1666:Crisis of 1772
1663:
1658:
1653:
1647:
1645:
1641:
1640:
1638:
1637:
1631:
1629:
1625:
1624:
1619:
1617:
1616:
1609:
1602:
1594:
1585:
1584:
1575:
1574:External links
1572:
1571:
1570:
1564:
1545:
1519:(2): 223–238.
1508:
1497:
1486:
1479:
1472:
1467:978-0226520001
1466:
1446:
1439:
1434:978-0691003542
1433:
1407:
1399:
1396:
1393:
1392:
1341:
1335:978-1906768485
1334:
1313:
1294:(3): 273–291.
1278:
1261:Thomas Woods.
1254:
1238:
1218:
1199:
1155:
1128:(2): 223–238.
1110:
1079:
1054:
1032:
1005:10.1086/261361
970:
950:
920:
906:
894:
882:
858:
852:10.3386/w26866
823:
789:
783:10.3386/w13940
746:
735:(3): 572–580.
698:
678:
677:
675:
672:
671:
670:
664:
663:
647:
644:
638:
637:United Kingdom
635:
634:
633:
629:
626:
580:Additionally,
557:
554:
537:Herbert Hoover
533:Warren Harding
525:Woodrow Wilson
509:
506:
497:
494:
471:
468:
450:
447:
430:
427:
413:
410:
404:
401:
341:
340:
337:
334:
330:
329:
326:
323:
319:
318:
315:
312:
308:
307:
304:
301:
297:
296:
293:
290:
286:
285:
282:
279:
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219:
218:
215:
212:
209:
205:
204:
201:
198:
195:
191:
190:
187:
184:
181:
177:
176:
173:
170:
167:
163:
162:
159:
156:
153:
149:
148:
145:
142:
139:
135:
134:
131:
128:
125:
121:
120:
117:
116:
109:
106:
26:
24:
18:1921 recession
14:
13:
10:
9:
6:
4:
3:
2:
2963:
2952:
2949:
2947:
2944:
2942:
2939:
2937:
2934:
2932:
2929:
2927:
2924:
2922:
2919:
2917:
2914:
2913:
2911:
2894:
2891:
2889:
2888:United States
2886:
2884:
2881:
2879:
2876:
2874:
2871:
2869:
2866:
2864:
2861:
2859:
2856:
2854:
2851:
2849:
2846:
2844:
2841:
2839:
2836:
2834:
2830:
2829:
2828:
2825:
2821:
2820:United States
2818:
2816:
2813:
2811:
2808:
2806:
2803:
2801:
2798:
2796:
2793:
2791:
2788:
2786:
2783:
2781:
2778:
2776:
2773:
2771:
2767:
2766:
2765:
2762:
2761:
2759:
2755:
2751:
2744:
2741:
2739:
2736:
2732:
2731:United States
2729:
2727:
2724:
2722:
2719:
2717:
2713:
2712:
2711:
2708:
2706:
2703:
2702:
2700:
2696:
2691:
2687:
2679:
2678:United States
2676:
2674:
2671:
2669:
2665:
2664:
2663:
2660:
2656:
2655:United States
2653:
2651:
2648:
2647:
2646:
2643:
2642:
2640:
2636:
2632:
2626:
2623:
2621:
2618:
2615:
2612:
2609:
2606:
2603:
2600:
2597:
2596:
2594:
2590:
2586:
2580:
2577:
2573:
2572:United States
2570:
2568:
2565:
2563:
2560:
2558:
2555:
2553:
2550:
2548:
2545:
2543:
2539:
2538:
2537:
2534:
2531:
2528:
2526:
2523:
2521:
2518:
2515:
2512:
2511:
2509:
2505:
2501:
2494:
2491:
2488:
2485:
2482:
2481:Panic of 1907
2479:
2476:
2475:Panic of 1901
2473:
2470:
2467:
2466:Panic of 1893
2464:
2461:
2460:Baring crisis
2458:
2455:
2453:
2450:
2446:
2445:United States
2443:
2441:
2437:
2436:
2435:
2432:
2431:
2429:
2425:
2420:
2416:
2409:
2406:
2403:
2402:Panic of 1866
2400:
2397:
2394:
2393:Panic of 1857
2391:
2388:
2385:
2384:Panic of 1847
2382:
2379:
2378:
2376:
2372:
2367:
2363:
2356:
2355:Panic of 1837
2353:
2350:
2347:
2344:
2343:Panic of 1825
2341:
2338:
2335:
2332:
2329:
2326:
2323:
2320:
2317:
2314:
2313:Panic of 1792
2310:
2307:
2304:
2300:
2297:
2295:
2292:
2290:
2286:
2285:
2284:
2281:
2280:
2278:
2274:
2270:
2264:
2261:
2259:
2258:Slump of 1706
2256:
2253:
2250:
2249:
2247:
2243:
2239:
2231:
2228:
2227:
2226:
2223:
2219:
2216:
2214:
2211:
2210:
2209:
2206:
2202:
2199:
2197:
2194:
2192:
2189:
2187:
2184:
2182:
2179:
2177:
2174:
2172:
2169:
2167:
2166:Balance sheet
2164:
2163:
2162:
2159:
2155:
2151:
2148:
2146:
2143:
2141:
2138:
2137:
2136:
2135:Interest rate
2133:
2129:
2126:
2124:
2121:
2119:
2116:
2115:
2114:
2111:
2107:
2104:
2102:
2099:
2097:
2094:
2092:
2089:
2087:
2083:
2080:
2078:
2075:
2073:
2070:
2068:
2065:
2064:
2063:
2059:
2056:
2054:
2051:
2047:
2044:
2042:
2039:
2037:
2034:
2032:
2029:
2027:
2024:
2022:
2019:
2017:
2014:
2013:
2012:
2008:
2005:
2004:
2001:
1997:
1993:
1989:
1982:
1977:
1975:
1970:
1968:
1963:
1962:
1959:
1947:
1944:
1942:
1939:
1936:
1933:
1931:
1928:
1926:
1923:
1921:
1918:
1916:
1913:
1911:
1908:
1906:
1903:
1900:
1897:
1895:
1892:
1890:
1887:
1885:
1882:
1880:
1877:
1875:
1872:
1869:
1866:
1863:
1860:
1859:
1857:
1853:
1847:
1844:
1842:
1839:
1837:
1834:
1831:
1828:
1825:
1822:
1819:
1816:
1813:
1810:
1807:
1804:
1801:
1798:
1796:
1793:
1791:
1788:
1786:
1783:
1781:
1778:
1776:
1773:
1771:
1770:Panic of 1907
1768:
1766:
1765:Panic of 1901
1763:
1762:
1760:
1756:
1750:
1749:Panic of 1896
1747:
1745:
1744:Panic of 1893
1742:
1739:
1736:
1734:
1733:Panic of 1884
1731:
1729:
1726:
1724:
1723:Panic of 1873
1721:
1718:
1715:
1713:
1712:Panic of 1857
1710:
1708:
1707:Panic of 1847
1705:
1703:
1702:Panic of 1837
1700:
1698:
1697:Panic of 1825
1695:
1693:
1692:Panic of 1819
1690:
1689:
1687:
1683:
1677:
1674:
1672:
1671:Panic of 1792
1669:
1667:
1664:
1662:
1659:
1657:
1654:
1652:
1649:
1648:
1646:
1642:
1636:
1633:
1632:
1630:
1626:
1622:
1615:
1610:
1608:
1603:
1601:
1596:
1595:
1592:
1588:
1582:
1578:
1577:
1573:
1567:
1565:0-87014-003-5
1561:
1557:
1553:
1552:
1546:
1542:
1538:
1534:
1530:
1526:
1522:
1518:
1514:
1509:
1506:
1502:
1498:
1495:
1491:
1487:
1484:
1480:
1477:
1473:
1469:
1463:
1459:
1455:
1451:
1447:
1444:
1440:
1436:
1430:
1426:
1422:
1421:
1416:
1412:
1408:
1406:
1402:
1401:
1397:
1388:
1382:
1363:
1359:
1352:
1345:
1342:
1337:
1331:
1327:
1320:
1318:
1314:
1309:
1305:
1301:
1297:
1293:
1289:
1282:
1279:
1275:
1271:
1267:
1264:
1258:
1255:
1251:
1247:
1242:
1239:
1235:
1231:
1228:
1222:
1219:
1214:
1210:
1203:
1200:
1195:
1191:
1187:
1183:
1179:
1175:
1174:
1166:
1159:
1156:
1151:
1147:
1143:
1139:
1135:
1131:
1127:
1123:
1122:
1114:
1111:
1100:on 2014-10-20
1099:
1095:
1094:
1089:
1083:
1080:
1075:
1071:
1067:
1061:
1059:
1055:
1050:
1046:
1045:David Glasner
1039:
1037:
1033:
1022:on 2011-06-06
1018:
1014:
1010:
1006:
1002:
998:
994:
987:
983:
977:
975:
971:
966:
965:
964:The Economist
960:
954:
951:
946:
942:
939:(1): 91–115.
938:
934:
930:
924:
921:
916:
910:
907:
904:
898:
895:
892:
886:
883:
872:
868:
862:
859:
853:
848:
844:
840:
836:
830:
828:
824:
812:
811:
806:
802:
796:
794:
790:
784:
779:
775:
771:
767:
763:
759:
753:
751:
747:
742:
738:
734:
730:
723:
721:
719:
717:
715:
713:
711:
709:
707:
705:
703:
699:
695:
691:
686:
684:
680:
673:
669:
666:
665:
661:
650:
645:
643:
636:
630:
627:
624:
623:
622:
619:
616:
615:laissez-faire
612:
608:
604:
601:
597:
593:
591:
587:
586:gold standard
583:
578:
575:
571:
567:
566:Anna Schwartz
563:
555:
553:
551:
550:Andrew Mellon
547:
543:
538:
534:
530:
526:
519:
514:
507:
505:
503:
502:gold standard
495:
493:
490:
486:
485:
480:
479:Anna Schwartz
476:
469:
467:
465:
461:
457:
448:
446:
444:
440:
436:
428:
426:
423:
422:Armistice Day
419:
411:
409:
402:
400:
397:
396:Panic of 1907
393:
384:
380:
378:
374:
370:
366:
361:
356:
353:
349:
338:
335:
332:
331:
327:
324:
321:
320:
316:
313:
310:
309:
305:
302:
299:
298:
294:
291:
288:
287:
276:
272:
267:
264:
262:
258:
252:
250:
246:
242:
238:
234:
230:
226:
216:
213:
210:
207:
206:
202:
199:
196:
193:
192:
188:
185:
182:
179:
178:
174:
171:
168:
165:
164:
160:
157:
154:
151:
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2805:South Africa
2562:South Africa
2519:
2408:Black Friday
2225:Unemployment
2082:Money supply
2077:Disinflation
2021:General glut
1855:21st century
1806:Black Monday
1774:
1758:20th century
1738:Encilhamento
1717:Black Friday
1685:19th century
1644:18th century
1628:17th century
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1369:. Retrieved
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1102:. Retrieved
1098:the original
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1024:. Retrieved
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874:. Retrieved
870:
861:
842:
814:. Retrieved
808:
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728:
660:1920s portal
640:
632:unwarranted.
620:
607:Thomas Woods
605:
599:
594:
579:
574:Paul Krugman
559:
522:
499:
482:
473:
464:J. R. Vernon
452:
449:Labor unions
443:Robert Barro
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91:
63:
52:deflationary
50:was a sharp
47:
45:
2873:New Zealand
2831:2020–2022;
2795:New Zealand
2768:2007–2009;
2714:1990–1991;
2698:(1982–2007)
2666:1980–1982;
2638:(1973–1982)
2616:(1957–1958)
2610:(1953–1954)
2604:(1948–1949)
2592:(1945–1973)
2557:New Zealand
2540:1929–1939;
2516:(1918–1919)
2507:(1918–1939)
2489:(1910–1912)
2483:(1907–1908)
2477:(1902–1904)
2468:(1893–1897)
2462:(1890–1891)
2438:1873–1879;
2427:(1870–1914)
2410:(1869–1870)
2404:(1865–1867)
2395:(1857–1858)
2386:(1847–1848)
2374:(1840–1870)
2345:(1825–1826)
2336:(1815–1821)
2321:(1796–1799)
2315:(1789–1793)
2287:1772–1774;
2276:(1760–1840)
2254:(1430–1490)
2252:Great Slump
2245:(1000–1760)
2191:Stagflation
2150:Yield curve
2096:Price level
1864:(2000–2002)
1826:(1990–1992)
1740:(1890–1893)
1456:. Chicago:
1423:. Chicago:
1246:James Grant
1180:: 121–170.
776:: 255–350.
596:James Grant
529:White House
439:working age
435:Spanish flu
127:Production
79:labor union
75:Spanish flu
71:labor force
59:World War I
40:World War I
2946:Recessions
2910:Categories
2838:Bangladesh
2775:Bangladesh
2419:Gilded Age
2171:Depression
2123:Stagnation
1104:2009-09-19
1026:2009-09-30
876:2022-04-17
674:References
590:base money
523:President
500:Under the
375:, and the
281:Lebergott
208:1931–1932
194:1930–1931
180:1929–1930
2878:Singapore
2833:Australia
2810:Sri Lanka
2770:Australia
2716:Australia
2542:Australia
2532:1926–1927
2529:1923–1924
2495:(1913–14)
2471:1899–1900
2327:1807–1810
2324:1802–1804
2305:1785–1788
2230:Sahm rule
2161:Recession
2062:Inflation
2058:Deflation
1541:154805899
1417:(1993) .
1308:145586147
1150:154805899
418:recession
124:Estimate
55:recession
2863:Malaysia
2848:Botswana
2800:Pakistan
2790:Malaysia
2294:Scotland
2154:Inverted
2118:Recovery
1814:collapse
1503:(2017)
1452:(2003).
1381:cite web
1362:Archived
1276:Journal.
1266:Archived
1230:Archived
1068:(1996).
1013:15302777
999:: 1–37.
984:(1986).
816:27 April
646:See also
544:and the
352:AT&T
108:Overview
2868:Namibia
2456:1887–88
2398:1860–61
2389:1853–54
2380:1845–46
2351:1833–34
2348:1828–29
2339:1822–23
2289:England
2181:Rolling
2067:Chronic
1533:2116229
1194:3584969
1142:2116229
214:−10.3%
211:−13.1%
172:−14.8%
130:Prices
2893:Zambia
2853:Canada
2843:Belize
2780:Canada
2745:(2001)
2721:Canada
2668:Canada
2547:Canada
2218:Supply
2213:Demand
2186:Shapes
2176:Global
2086:demand
2011:Supply
1937:(2016)
1901:(2010)
1870:(2001)
1820:(1989)
1802:(1982)
1719:(1869)
1562:
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1505:online
1494:online
1464:
1431:
1405:online
1371:21 May
1332:
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1192:
1148:
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1011:
403:Causes
314:11.7%
284:Romer
200:−8.8%
197:−6.5%
186:−2.5%
183:−8.6%
169:−2.4%
155:−3.5%
141:−6.9%
133:Ratio
83:fiscal
2858:India
2785:India
2552:India
2208:Shock
2026:Model
1537:S2CID
1529:JSTOR
1365:(PDF)
1354:(PDF)
1304:S2CID
1190:JSTOR
1168:(PDF)
1146:S2CID
1138:JSTOR
1020:(PDF)
1009:S2CID
989:(PDF)
772:(1).
481:, in
339:4.8%
336:2.4%
333:1923
328:6.9%
325:6.7%
322:1922
317:8.7%
311:1921
306:5.2%
303:5.2%
300:1920
295:3.0%
292:1.4%
289:1919
278:Year
158:−13%
144:−18%
2598:1945
2330:1812
1994:and
1990:and
1560:ISBN
1462:ISBN
1429:ISBN
1387:link
1373:2020
1330:ISBN
818:2020
564:and
477:and
433:The
217:0.8
203:1.4
189:0.3
175:6.3
161:3.7
147:2.6
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1358:Pdf
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