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subsection</span> </button> <ul id="toc-Causes_and_corresponding_types-sublist" class="vector-toc-list"> <li id="toc-Growth_deflation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Growth_deflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Growth deflation</span> </div> </a> <ul id="toc-Growth_deflation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bank_credit_deflation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bank_credit_deflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Bank credit deflation</span> </div> </a> <ul id="toc-Bank_credit_deflation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Debt_deflation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Debt_deflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Debt deflation</span> </div> </a> <ul id="toc-Debt_deflation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Money_supply-side_deflation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Money_supply-side_deflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Money supply-side deflation</span> </div> </a> <ul id="toc-Money_supply-side_deflation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Credit_deflation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Credit_deflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Credit deflation</span> </div> </a> <ul id="toc-Credit_deflation-sublist" class="vector-toc-list"> <li id="toc-Historical_examples_of_credit_deflation" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Historical_examples_of_credit_deflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5.1</span> <span>Historical examples of credit deflation</span> </div> </a> <ul id="toc-Historical_examples_of_credit_deflation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Scarcity_of_official_money" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Scarcity_of_official_money"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.6</span> <span>Scarcity of official money</span> </div> </a> <ul id="toc-Scarcity_of_official_money-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Currency_pegs_and_monetary_unions" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Currency_pegs_and_monetary_unions"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.7</span> <span>Currency pegs and monetary unions</span> </div> </a> <ul id="toc-Currency_pegs_and_monetary_unions-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Effects" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Effects"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Effects</span> </div> </a> <button aria-controls="toc-Effects-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Effects subsection</span> </button> <ul id="toc-Effects-sublist" class="vector-toc-list"> <li id="toc-On_spending_and_borrowing" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#On_spending_and_borrowing"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>On spending and borrowing</span> </div> </a> <ul id="toc-On_spending_and_borrowing-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-On_savings_and_investments" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#On_savings_and_investments"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>On savings and investments</span> </div> </a> <ul id="toc-On_savings_and_investments-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Compared_with_inflation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Compared_with_inflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Compared with inflation</span> </div> </a> <ul id="toc-Compared_with_inflation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Deflationary_spiral" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Deflationary_spiral"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Deflationary spiral</span> </div> </a> <ul id="toc-Deflationary_spiral-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Counteracting_deflation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Counteracting_deflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Counteracting deflation</span> </div> </a> <button aria-controls="toc-Counteracting_deflation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Counteracting deflation subsection</span> </button> <ul id="toc-Counteracting_deflation-sublist" class="vector-toc-list"> <li id="toc-Special_borrowing_arrangements" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Special_borrowing_arrangements"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Special borrowing arrangements</span> </div> </a> <ul id="toc-Special_borrowing_arrangements-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Capital" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Capital"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Capital</span> </div> </a> <ul id="toc-Capital-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Historical_examples" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Historical_examples"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Historical examples</span> </div> </a> <button aria-controls="toc-Historical_examples-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Historical examples subsection</span> </button> <ul id="toc-Historical_examples-sublist" class="vector-toc-list"> <li id="toc-EU_countries" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#EU_countries"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>EU countries</span> </div> </a> <ul id="toc-EU_countries-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hong_Kong" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Hong_Kong"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Hong Kong</span> </div> </a> <ul id="toc-Hong_Kong-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ireland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ireland"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>Ireland</span> </div> </a> <ul id="toc-Ireland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Japan" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Japan"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.4</span> <span>Japan</span> </div> </a> <ul id="toc-Japan-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.5</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> <li id="toc-Major_deflations_in_the_United_States" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Major_deflations_in_the_United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.1</span> <span>Major deflations in the United States</span> </div> </a> <ul id="toc-Major_deflations_in_the_United_States-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Minor_deflations_in_the_United_States" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Minor_deflations_in_the_United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.2</span> <span>Minor deflations in the United States</span> </div> </a> <ul id="toc-Minor_deflations_in_the_United_States-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" 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Available in 76 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-76" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">76 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%86%D9%83%D9%85%D8%A7%D8%B4_%D9%85%D8%A7%D9%84%D9%8A" title="انكماش مالي – Arabic" lang="ar" hreflang="ar" data-title="انكماش مالي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Deflaci%C3%B3n" title="Deflación – Asturian" lang="ast" hreflang="ast" data-title="Deflación" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Deflyasiya" title="Deflyasiya – Azerbaijani" lang="az" hreflang="az" data-title="Deflyasiya" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AE%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A6%B0%E0%A6%BE_%E0%A6%B8%E0%A6%82%E0%A6%95%E0%A7%8B%E0%A6%9A%E0%A6%A8" title="মুদ্রা সংকোচন – Bangla" lang="bn" hreflang="bn" data-title="মুদ্রা সংকোচন" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%94%D1%8D%D1%84%D0%BB%D1%8F%D1%86%D1%8B%D1%8F_(%D1%8D%D0%BA%D0%B0%D0%BD%D0%BE%D0%BC%D1%96%D0%BA%D0%B0)" title="Дэфляцыя (эканоміка) – Belarusian" lang="be" hreflang="be" data-title="Дэфляцыя (эканоміка)" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%94%D1%8D%D1%84%D0%BB%D1%8F%D1%86%D1%8B%D1%8F" title="Дэфляцыя – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Дэфляцыя" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%94%D0%B5%D1%84%D0%BB%D0%B0%D1%86%D0%B8%D1%8F" title="Дефлация – Bulgarian" lang="bg" hreflang="bg" data-title="Дефлация" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Deflacija" title="Deflacija – Bosnian" lang="bs" hreflang="bs" data-title="Deflacija" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Deflaci%C3%B3" title="Deflació – Catalan" lang="ca" hreflang="ca" data-title="Deflació" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Deflace" title="Deflace – Czech" lang="cs" hreflang="cs" data-title="Deflace" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Deflation" title="Deflation – Danish" lang="da" hreflang="da" data-title="Deflation" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Deflation" title="Deflation – German" lang="de" hreflang="de" data-title="Deflation" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Deflatsioon" title="Deflatsioon – Estonian" lang="et" hreflang="et" data-title="Deflatsioon" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CF%80%CE%BF%CF%80%CE%BB%CE%B7%CE%B8%CF%89%CF%81%CE%B9%CF%83%CE%BC%CF%8C%CF%82" title="Αποπληθωρισμός – Greek" lang="el" hreflang="el" data-title="Αποπληθωρισμός" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Deflaci%C3%B3n" title="Deflación – Spanish" lang="es" hreflang="es" data-title="Deflación" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Deflacio" title="Deflacio – Esperanto" lang="eo" hreflang="eo" data-title="Deflacio" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Deflazio" title="Deflazio – Basque" lang="eu" hreflang="eu" data-title="Deflazio" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AA%D9%88%D8%B1%D9%85_%D9%85%D9%86%D9%81%DB%8C" title="تورم منفی – Persian" lang="fa" hreflang="fa" data-title="تورم منفی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/D%C3%A9flation" title="Déflation – French" lang="fr" hreflang="fr" data-title="Déflation" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/D%C3%ADbhoilsci%C3%BA" title="Díbhoilsciú – Irish" lang="ga" hreflang="ga" data-title="Díbhoilsciú" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Deflaci%C3%B3n" title="Deflación – Galician" lang="gl" hreflang="gl" data-title="Deflación" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%94%94%ED%94%8C%EB%A0%88%EC%9D%B4%EC%85%98" title="디플레이션 – Korean" lang="ko" hreflang="ko" data-title="디플레이션" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B4%D5%A5%D6%86%D5%AC%D5%B5%D5%A1%D6%81%D5%AB%D5%A1" title="Դեֆլյացիա – Armenian" lang="hy" hreflang="hy" data-title="Դեֆլյացիա" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%85%E0%A4%AA%E0%A4%B8%E0%A5%8D%E0%A4%AB%E0%A5%80%E0%A4%A4%E0%A4%BF" title="अपस्फीति – Hindi" lang="hi" hreflang="hi" data-title="अपस्फीति" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Deflacija" title="Deflacija – Croatian" lang="hr" hreflang="hr" data-title="Deflacija" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Deflasi" title="Deflasi – Indonesian" lang="id" hreflang="id" data-title="Deflasi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Deflazione" title="Deflazione – Italian" lang="it" hreflang="it" data-title="Deflazione" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%93%D7%A4%D7%9C%D7%A6%D7%99%D7%94" title="דפלציה – Hebrew" lang="he" hreflang="he" data-title="דפלציה" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-jv mw-list-item"><a href="https://jv.wikipedia.org/wiki/Deflasi" title="Deflasi – Javanese" lang="jv" hreflang="jv" data-title="Deflasi" data-language-autonym="Jawa" data-language-local-name="Javanese" class="interlanguage-link-target"><span>Jawa</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%B9%E0%B2%A3%E0%B2%A6%E0%B3%81%E0%B2%AC%E0%B3%8D%E0%B2%AC%E0%B2%B0%E0%B2%B5%E0%B2%BF%E0%B2%B3%E0%B2%BF%E0%B2%A4" title="ಹಣದುಬ್ಬರವಿಳಿತ – Kannada" lang="kn" hreflang="kn" data-title="ಹಣದುಬ್ಬರವಿಳಿತ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%93%E1%83%94%E1%83%A4%E1%83%9A%E1%83%90%E1%83%AA%E1%83%98%E1%83%90" title="დეფლაცია – Georgian" lang="ka" hreflang="ka" data-title="დეფლაცია" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-csb mw-list-item"><a href="https://csb.wikipedia.org/wiki/Deflacj%C3%B4_(ek%C3%B2nomi%C3%B4)" title="Deflacjô (ekònomiô) – Kashubian" lang="csb" hreflang="csb" data-title="Deflacjô (ekònomiô)" data-language-autonym="Kaszëbsczi" data-language-local-name="Kashubian" class="interlanguage-link-target"><span>Kaszëbsczi</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%94%D0%B5%D1%84%D0%BB%D1%8F%D1%86%D0%B8%D1%8F_(%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0)" title="Дефляция (экономика) – Kyrgyz" lang="ky" hreflang="ky" data-title="Дефляция (экономика)" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Deflatio_monetalis" title="Deflatio monetalis – Latin" lang="la" hreflang="la" data-title="Deflatio monetalis" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Defl%C4%81cija" title="Deflācija – Latvian" lang="lv" hreflang="lv" data-title="Deflācija" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Deflatioun" title="Deflatioun – Luxembourgish" lang="lb" hreflang="lb" data-title="Deflatioun" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target"><span>Lëtzebuergesch</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Defliacija" title="Defliacija – Lithuanian" lang="lt" hreflang="lt" data-title="Defliacija" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Defl%C3%A1ci%C3%B3_(k%C3%B6zgazdas%C3%A1g)" title="Defláció (közgazdaság) – Hungarian" lang="hu" hreflang="hu" data-title="Defláció (közgazdaság)" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%94%D0%B5%D1%84%D0%BB%D0%B0%D1%86%D0%B8%D1%98%D0%B0" title="Дефлација – Macedonian" lang="mk" hreflang="mk" data-title="Дефлација" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%A8%E0%B4%BE%E0%B4%A3%E0%B4%AF%E0%B4%9A%E0%B5%8D%E0%B4%9A%E0%B5%81%E0%B4%B0%E0%B5%81%E0%B4%95%E0%B5%8D%E0%B4%95%E0%B4%82" title="നാണയച്ചുരുക്കം – Malayalam" lang="ml" hreflang="ml" data-title="നാണയച്ചുരുക്കം" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%9A%E0%A4%B2%E0%A4%A8%E0%A4%98%E0%A4%9F" title="चलनघट – Marathi" lang="mr" hreflang="mr" data-title="चलनघट" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Deflasi" title="Deflasi – Malay" lang="ms" hreflang="ms" data-title="Deflasi" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-min mw-list-item"><a href="https://min.wikipedia.org/wiki/Deflasi" title="Deflasi – Minangkabau" lang="min" hreflang="min" data-title="Deflasi" data-language-autonym="Minangkabau" data-language-local-name="Minangkabau" class="interlanguage-link-target"><span>Minangkabau</span></a></li><li class="interlanguage-link interwiki-my mw-list-item"><a href="https://my.wikipedia.org/wiki/%E1%80%84%E1%80%BD%E1%80%B1%E1%80%80%E1%80%BB%E1%80%AF%E1%80%B6%E1%80%B7%E1%80%81%E1%80%BC%E1%80%84%E1%80%BA%E1%80%B8" title="ငွေကျုံ့ခြင်း – Burmese" lang="my" hreflang="my" data-title="ငွေကျုံ့ခြင်း" data-language-autonym="မြန်မာဘာသာ" data-language-local-name="Burmese" class="interlanguage-link-target"><span>မြန်မာဘာသာ</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Deflatie_(economie)" title="Deflatie (economie) – Dutch" lang="nl" hreflang="nl" data-title="Deflatie (economie)" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%87%E3%83%95%E3%83%AC%E3%83%BC%E3%82%B7%E3%83%A7%E3%83%B3" title="デフレーション – Japanese" lang="ja" hreflang="ja" data-title="デフレーション" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Deflasjon" title="Deflasjon – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Deflasjon" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Deflasjon" title="Deflasjon – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Deflasjon" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Deflacion" title="Deflacion – Occitan" lang="oc" hreflang="oc" data-title="Deflacion" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target"><span>Occitan</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Deflyasiya_(iqtisodiyot)" title="Deflyasiya (iqtisodiyot) – Uzbek" lang="uz" hreflang="uz" data-title="Deflyasiya (iqtisodiyot)" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%BA%D9%88%D9%86%D8%AC%DB%90%D8%AF%D9%86%D9%87_(%D9%88%D9%BC%D9%BE%D9%88%D9%87%D9%86%D9%87)" title="غونجېدنه (وټپوهنه) – Pashto" lang="ps" hreflang="ps" data-title="غونجېدنه (وټپوهنه)" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Deflacja_(ekonomia)" title="Deflacja (ekonomia) – Polish" lang="pl" hreflang="pl" data-title="Deflacja (ekonomia)" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Defla%C3%A7%C3%A3o" title="Deflação – Portuguese" lang="pt" hreflang="pt" data-title="Deflação" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-kaa mw-list-item"><a href="https://kaa.wikipedia.org/wiki/Deflyaciya" title="Deflyaciya – Kara-Kalpak" lang="kaa" hreflang="kaa" data-title="Deflyaciya" data-language-autonym="Qaraqalpaqsha" data-language-local-name="Kara-Kalpak" class="interlanguage-link-target"><span>Qaraqalpaqsha</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Defla%C8%9Bie" title="Deflație – Romanian" lang="ro" hreflang="ro" data-title="Deflație" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%94%D0%B5%D1%84%D0%BB%D1%8F%D1%86%D0%B8%D1%8F_(%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0)" title="Дефляция (экономика) – Russian" lang="ru" hreflang="ru" data-title="Дефляция (экономика)" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Deflacioni" title="Deflacioni – Albanian" lang="sq" hreflang="sq" data-title="Deflacioni" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Deflation" title="Deflation – Simple English" lang="en-simple" hreflang="en-simple" data-title="Deflation" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sd mw-list-item"><a href="https://sd.wikipedia.org/wiki/%D8%AA%D9%81%D8%B1%D9%8A%D8%B7_%D8%B2%D8%B1" title="تفريط زر – Sindhi" lang="sd" hreflang="sd" data-title="تفريط زر" data-language-autonym="سنڌي" data-language-local-name="Sindhi" class="interlanguage-link-target"><span>سنڌي</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Defl%C3%A1cia_(z%C3%A1porn%C3%A1_infl%C3%A1cia)" title="Deflácia (záporná inflácia) – Slovak" lang="sk" hreflang="sk" data-title="Deflácia (záporná inflácia)" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Deflacija" title="Deflacija – Slovenian" lang="sl" hreflang="sl" data-title="Deflacija" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%94%D0%B5%D1%84%D0%BB%D0%B0%D1%86%D0%B8%D1%98%D0%B0" title="Дефлација – Serbian" lang="sr" hreflang="sr" data-title="Дефлација" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Deflacija" title="Deflacija – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Deflacija" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-su mw-list-item"><a href="https://su.wikipedia.org/wiki/D%C3%A9flasi" title="Déflasi – Sundanese" lang="su" hreflang="su" data-title="Déflasi" data-language-autonym="Sunda" data-language-local-name="Sundanese" class="interlanguage-link-target"><span>Sunda</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Deflaatio" title="Deflaatio – Finnish" lang="fi" hreflang="fi" data-title="Deflaatio" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Deflation" title="Deflation – Swedish" lang="sv" hreflang="sv" data-title="Deflation" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Deplasyon" title="Deplasyon – Tagalog" lang="tl" hreflang="tl" data-title="Deplasyon" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AE%A3%E0%AE%B5%E0%AE%BE%E0%AE%9F%E0%AF%8D%E0%AE%9F%E0%AE%AE%E0%AF%8D" title="பணவாட்டம் – Tamil" lang="ta" hreflang="ta" data-title="பணவாட்டம்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%A0%E0%B8%B2%E0%B8%A7%E0%B8%B0%E0%B9%80%E0%B8%87%E0%B8%B4%E0%B8%99%E0%B8%9D%E0%B8%B7%E0%B8%94" title="ภาวะเงินฝืด – Thai" lang="th" hreflang="th" data-title="ภาวะเงินฝืด" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Deflasyon" title="Deflasyon – Turkish" lang="tr" hreflang="tr" data-title="Deflasyon" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%94%D0%B5%D1%84%D0%BB%D1%8F%D1%86%D1%96%D1%8F_(%D0%B5%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D1%96%D0%BA%D0%B0)" title="Дефляція (економіка) – Ukrainian" lang="uk" hreflang="uk" data-title="Дефляція (економіка)" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ug mw-list-item"><a href="https://ug.wikipedia.org/wiki/%D9%BE%DB%87%D9%84_%D9%BE%D8%A7%D8%AE%D8%A7%D9%84%D8%B3%D9%89%D8%B2%D9%84%D9%89%D9%82%D9%89" title="پۇل پاخالسىزلىقى – Uyghur" lang="ug" hreflang="ug" data-title="پۇل پاخالسىزلىقى" data-language-autonym="ئۇيغۇرچە / Uyghurche" data-language-local-name="Uyghur" class="interlanguage-link-target"><span>ئۇيغۇرچە / Uyghurche</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Gi%E1%BA%A3m_ph%C3%A1t" title="Giảm phát – Vietnamese" lang="vi" hreflang="vi" data-title="Giảm phát" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E9%80%9A%E8%B4%A7%E7%B4%A7%E7%BC%A9" title="通货紧缩 – Wu" lang="wuu" hreflang="wuu" data-title="通货紧缩" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E9%80%9A%E8%B2%A8%E7%B7%8A%E7%B8%AE" title="通貨緊縮 – Cantonese" lang="yue" hreflang="yue" data-title="通貨緊縮" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E9%80%9A%E8%B4%A7%E7%B4%A7%E7%BC%A9" title="通货紧缩 – Chinese" lang="zh" hreflang="zh" data-title="通货紧缩" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q161081#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> 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href="https://www.wikidata.org/wiki/Special:EntityPage/Q161081" title="Structured data on this page hosted by Wikidata [g]" accesskey="g"><span>Wikidata item</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" 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searchaux" style="display:none">Decrease in the general price level of goods and services</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For other uses, see <a href="/wiki/Deflation_(disambiguation)" class="mw-disambig" title="Deflation (disambiguation)">Deflation (disambiguation)</a>.</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Disinflation" title="Disinflation">Disinflation</a>, a slowdown in the inflation rate.</div> <style 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.sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a class="mw-selflink selflink">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In <a href="/wiki/Economics" title="Economics">economics</a>, <b>deflation</b> is a decrease in the general <a href="/wiki/Price_level" title="Price level">price level</a> of goods and services.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Deflation occurs when the <a href="/wiki/Inflation" title="Inflation">inflation</a> rate falls below 0% (a negative <a href="/wiki/Inflation_rate" class="mw-redirect" title="Inflation rate">inflation rate</a>). Inflation reduces the value of <a href="/wiki/Currency" title="Currency">currency</a> over time, but deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from <a href="/wiki/Disinflation" title="Disinflation">disinflation</a>, a slowdown in the inflation rate; i.e., when inflation declines to a lower rate but is still positive.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Economists generally believe that a sudden deflationary shock is a problem in a modern economy because it increases the <a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">real value</a> of <a href="/wiki/Debt" title="Debt">debt</a>, especially if the deflation is unexpected. Deflation may also aggravate recessions and lead to a <b>deflationary spiral</b> (<style data-mw-deduplicate="TemplateStyles:r1033199720">.mw-parser-output div.crossreference{padding-left:0}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><span role="note" class="hatnote navigation-not-searchable crossreference selfref">see <a href="#Deflationary_spiral">later section</a></span>).<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-EconomistDeflation_4-0" class="reference"><a href="#cite_note-EconomistDeflation-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Some economists argue that prolonged deflationary periods are related to the underlying technological progress in an economy, because as productivity increases (<a href="/wiki/Total_factor_productivity" title="Total factor productivity">TFP</a>), the cost of goods decreases.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Deflation usually happens when supply is high (when excess <a href="/wiki/Production_(economics)" title="Production (economics)">production</a> occurs), when demand is low (when <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">consumption</a> decreases), or when the money supply decreases (sometimes in response to a <a href="/wiki/Recession" title="Recession">contraction</a> created from <a href="/wiki/Speculation" title="Speculation">careless investment</a> or a <a href="/wiki/Credit_crunch" title="Credit crunch">credit crunch</a>) or because of a <a href="/wiki/Net_capital_outflow" title="Net capital outflow">net capital outflow</a> from the economy.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> It can also occur when there is <a href="/wiki/Flooding_the_market" title="Flooding the market">too much</a> <a href="/wiki/Competition" title="Competition">competition</a> and too little <a href="/wiki/Monopoly" title="Monopoly">market concentration</a>.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template noprint noexcerpt Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:NOTRS" class="mw-redirect" title="Wikipedia:NOTRS"><span title="This is just some guy's blog. It doesn’t make sense. Too much competition and too little market concentration mean firms in the industry do not have opportunity to earn above-normal profit. It will not lead to deflation of an economy. (July 2023)">better source needed</span></a></i>]</sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Causes_and_corresponding_types">Causes and corresponding types</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=1" title="Edit section: Causes and corresponding types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Deflation" title="Special:EditPage/Deflation">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">November 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>In the <a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM model</a> (investment and saving equilibrium – liquidity preference and money supply equilibrium model),<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:0_15-0" class="reference"><a href="#cite_note-:0-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> deflation is caused by a shift in the supply and demand curve for goods and services.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2024)">citation needed</span></a></i>]</sup> This in turn can be caused by an increase in supply, a fall in demand, or both. </p><p>When prices are falling, consumers have an incentive to delay purchases and consumption until prices fall further, which in turn reduces overall economic activity. When purchases are delayed, productive capacity is idled and investment falls, leading to further reductions in <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>. This is the deflationary spiral. The way to reverse this quickly would be to introduce an <a href="/wiki/Stimulus_(economic)" class="mw-redirect" title="Stimulus (economic)">economic stimulus</a>. The government could increase productive spending on things like infrastructure or the central bank could start expanding the <a href="/wiki/Money_supply" title="Money supply">money supply</a>.<sup id="cite_ref-:0_15-1" class="reference"><a href="#cite_note-:0-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Deflation is also related to <a href="/wiki/Risk_aversion" title="Risk aversion">risk aversion</a>, where investors and buyers will start hoarding money because its value is now increasing over time.<sup id="cite_ref-Hussman2010_16-0" class="reference"><a href="#cite_note-Hussman2010-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> This can produce a <a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a> or it may lead to shortages that entice investments yielding more jobs and commodity production. A central bank cannot, normally, charge negative interest for money, and even charging zero interest often produces less stimulative effect than slightly higher rates of interest. In a <a href="/wiki/Autarky" title="Autarky">closed economy</a>, this is because charging zero interest also means having zero return on government securities, or even negative return on short maturities. In an open economy, it creates a <a href="/wiki/Carry_(investment)" title="Carry (investment)">carry</a> trade and devalues the currency. A devalued currency produces higher prices for imports without necessarily stimulating exports to a like degree. </p><p>Deflation is the natural condition of economies when the supply of money is fixed, or does not grow as quickly as population and the economy. When this happens, the available amount of hard currency per person falls, in effect making money more scarce, and consequently, the <a href="/wiki/Purchasing_power" title="Purchasing power">purchasing power</a> of each unit of currency increases. Deflation also occurs when improvements in production <a href="/wiki/Efficiency" title="Efficiency">efficiency</a> lower the overall price of goods. <a href="/wiki/Competition" title="Competition">Competition</a> in the marketplace often prompts those producers to apply at least some portion of these cost savings into reducing the asking price for their goods. When this happens, consumers pay less for those goods, and consequently, deflation has occurred, since purchasing power has increased. </p><p>Rising <a href="/wiki/Productivity_improving_technologies_(historical)" class="mw-redirect" title="Productivity improving technologies (historical)">productivity</a> and reduced transportation cost created structural deflation during the accelerated productivity era from 1870 to 1900, but there was mild inflation for about a decade before the <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">establishment of the Federal Reserve</a> in 1913.<sup id="cite_ref-Wells1890_17-0" class="reference"><a href="#cite_note-Wells1890-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> There was inflation during <a href="/wiki/World_War_I" title="World War I">World War I</a>, but deflation returned again after the war and during the 1930s depression. Most nations abandoned the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> in the 1930s so that there is less reason to expect deflation, aside from the collapse of speculative asset classes, under a <a href="/wiki/Fiat_money" title="Fiat money">fiat monetary system</a> with low productivity growth. </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:CPI_1914-2022.webp" class="mw-file-description"><img alt="CPI 1914-2022" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/400px-CPI_1914-2022.webp.png" decoding="async" width="400" height="192" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/600px-CPI_1914-2022.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/800px-CPI_1914-2022.webp.png 2x" data-file-width="3962" data-file-height="1902" /></a><figcaption>American CPI 1914-2022<style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#0076BA ; color:white;"> </span> <a href="/wiki/Inflation" title="Inflation">Inflation</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#EE220C ; color:black;"> </span> Deflation</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#1DB100 solid 3px;"> </span> <a href="/wiki/Money_supply" title="Money supply">M2 money supply</a> increases year/year</div> </figcaption></figure> <p>In <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economics</a>, deflation may be caused by a combination of the supply and demand for goods and the supply and demand for money, specifically the supply of money going down and the supply of goods going up. Historic episodes of deflation have often been associated with the supply of goods going up (due to increased productivity) without an increase in the supply of money, or (as with the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> and possibly Japan in the early 1990s) the demand for goods going down combined with a decrease in the money supply. Studies of the Great Depression by <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> have indicated that, in response to decreased demand, the Federal Reserve of the time decreased the money supply, hence contributing to deflation. </p><p>Causes include, on the demand side: </p> <ul><li>Growth deflation</li> <li>Hoarding</li></ul> <p>And on the supply side: </p> <ul><li>Bank credit deflation</li> <li>Debt deflation</li> <li>Decision on the money supply side</li> <li>Credit deflation</li></ul> <div class="mw-heading mw-heading3"><h3 id="Growth_deflation">Growth deflation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=2" title="Edit section: Growth deflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Growth deflation is an enduring decrease in the real cost of goods and services as the result of technological progress, accompanied by competitive price cuts, resulting in an increase in aggregate demand.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>A structural deflation existed from the 1870s until the cycle upswing that started in 1895. The deflation was caused by the decrease in the production and distribution costs of goods. It resulted in competitive price cuts when markets were oversupplied. The mild inflation after 1895 was attributed to the increase in gold supply that had been occurring for decades.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> There was a sharp rise in prices during World War I, but deflation returned at the war's end. By contrast, under a fiat monetary system, there was high productivity growth from the end of <a href="/wiki/World_War_II" title="World War II">World War II</a> until the 1960s, but no deflation.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Historically not all episodes of deflation correspond with periods of poor economic growth.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Productivity and deflation are discussed in a 1940 study by the <a href="/wiki/Brookings_Institution" title="Brookings Institution">Brookings Institution</a> that gives productivity by major US industries from 1919 to 1939, along with real and nominal wages. Persistent deflation was clearly understood as being the result of the enormous gains in productivity of the period.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> By the late 1920s, most goods were over supplied, which contributed to high unemployment during the Great Depression.<sup id="cite_ref-Beaudreau1996_23-0" class="reference"><a href="#cite_note-Beaudreau1996-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Bank_credit_deflation">Bank credit deflation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=3" title="Edit section: Bank credit deflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Bank credit deflation is a decrease in the bank credit supply due to bank failures or increased perceived risk of defaults by private entities or a contraction of the money supply by the central bank.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Debt_deflation">Debt deflation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=4" title="Edit section: Debt deflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Debt_deflation" title="Debt deflation">Debt deflation</a></div> <p>Debt deflation is a complicated phenomenon associated with the end of long-term credit cycles. It was proposed as a theory by <a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a> (1933) to explain the deflation of the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Money_supply-side_deflation">Money supply-side deflation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=5" title="Edit section: Money supply-side deflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>From a monetarist perspective, deflation is caused primarily by a reduction in the <a href="/wiki/Velocity_of_money" title="Velocity of money">velocity of money</a> or the amount of <a href="/wiki/Money_supply" title="Money supply">money supply</a> per person. </p><p>A historical analysis of money velocity and <a href="/wiki/Monetary_base" title="Monetary base">monetary base</a> shows an inverse correlation: for a given percentage decrease in the <a href="/wiki/Monetary_base" title="Monetary base">monetary base</a> the result is a nearly equal percentage increase in money velocity.<sup id="cite_ref-Hussman2010_16-1" class="reference"><a href="#cite_note-Hussman2010-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> This is to be expected because monetary base (<span class="texhtml"><var style="padding-right: 1px;">M</var><sub><var style="padding-right: 1px;">B</var></sub>)</span>, <a href="/wiki/Velocity_of_money" title="Velocity of money">velocity</a> of base money (<span class="texhtml"><var style="padding-right: 1px;">V</var><sub><var style="padding-right: 1px;">B</var></sub>)</span>, price level (<span class="texhtml mvar" style="font-style:italic;">P</span>) and real output (<span class="texhtml mvar" style="font-style:italic;">Y</span>) are related by definition: <span class="texhtml"><var style="padding-right: 1px;">M</var><sub><var style="padding-right: 1px;">B</var></sub><span class="texhtml mvar" style="font-style:italic;">V</span><sub><var style="padding-right: 1px;">B</var></sub> = <var style="padding-right: 1px;">P</var><var style="padding-right: 1px;">Y</var></span>.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> However, the monetary base is a much narrower definition of money than <a href="/wiki/M2_(economics)" class="mw-redirect" title="M2 (economics)">M2 money supply</a>. Additionally, the velocity of the monetary base is interest-rate sensitive, the highest velocity being at the highest interest rates.<sup id="cite_ref-Hussman2010_16-2" class="reference"><a href="#cite_note-Hussman2010-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>In the early history of the United States, there was no national currency and an insufficient supply of coinage.<sup id="cite_ref-David_Ginsburg_27-0" class="reference"><a href="#cite_note-David_Ginsburg-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Banknotes were the majority of the money in circulation. During financial crises, many banks failed and their notes became worthless. Also, banknotes were discounted relative to gold and silver, the discount depended on the financial strength of the bank.<sup id="cite_ref-Taylor_1951_28-0" class="reference"><a href="#cite_note-Taylor_1951-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>In recent years changes in the money supply have historically taken a long time to show up in the price level, with a rule of thumb lag of at least 18 months. More recently Alan Greenspan cited the time lag as taking between 12 and 13 quarters.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources#What_information_to_include" title="Wikipedia:Citing sources"><span title="A complete citation is needed. (November 2022)">full citation needed</span></a></i>]</sup> Bonds, equities and commodities have been suggested as reservoirs for buffering changes in the money supply.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Credit_deflation">Credit deflation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=6" title="Edit section: Credit deflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In modern credit-based economies, deflation may be caused by the central bank <i>initiating</i> higher interest rates (i.e., to "control" inflation), thereby possibly popping an asset <a href="/wiki/Bubble_(economics)" class="mw-redirect" title="Bubble (economics)">bubble</a>. In a credit-based economy, a slow-down or fall in lending leads to less money in circulation, with a further sharp fall in money supply as confidence reduces and velocity weakens, with a consequent sharp fall-off in demand for employment or goods. The fall in demand causes a fall in prices as a supply <a href="/wiki/Overproduction" title="Overproduction">glut</a> develops. This becomes a deflationary spiral when prices fall below the costs of financing production, or repaying debt levels incurred at the prior price level. Businesses, unable to make enough profit no matter how low they set prices, are then liquidated. Banks get assets that have fallen dramatically in value since their mortgage loan was made, and if they sell those assets, they further glut supply, which only exacerbates the situation. To slow or halt the deflationary spiral, banks will often withhold collecting on non-performing loans (<a href="/wiki/Economic_history_of_Japan#Deflation_from_the_1990s_to_present" title="Economic history of Japan">as in Japan</a>, and most recently America and Spain). This is often no more than a stop-gap measure, because they must then restrict credit, since they do not have money to lend, which further reduces demand, and so on. </p> <div class="mw-heading mw-heading4"><h4 id="Historical_examples_of_credit_deflation">Historical examples of credit deflation</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=7" title="Edit section: Historical examples of credit deflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the early economic history of the United States, cycles of inflation and deflation correlated with capital flows between regions, with money being loaned from the financial center in the Northeast to the commodity producing regions of the (mid)-West and South. In a <a href="/wiki/Procyclical" class="mw-redirect" title="Procyclical">procyclical</a> manner, prices of commodities rose when capital was flowing in, that is, when banks were willing to lend, and fell in the depression years of 1818 and 1839 when banks called in loans.<sup id="cite_ref-North1966_31-0" class="reference"><a href="#cite_note-North1966-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Also, there was no national paper currency at the time and there was a scarcity of coins. Most money circulated as banknotes, which typically sold at a discount according to distance from the issuing bank and the bank's perceived financial strength. </p><p>When banks failed their notes were redeemed for bank reserves, which often did not result in payment at <a href="/wiki/Par_value" title="Par value">par value</a>, and sometimes the notes became worthless. Notes of weak surviving banks traded at steep discounts.<sup id="cite_ref-David_Ginsburg_27-1" class="reference"><a href="#cite_note-David_Ginsburg-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Taylor_1951_28-1" class="reference"><a href="#cite_note-Taylor_1951-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> During the Great Depression, people who owed money to a bank whose deposits had been frozen would sometimes buy bank books (deposits of other people at the bank) at a discount and use them to pay off their debt at par value.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>Deflation occurred periodically in the U.S. during the 19th century (the most important exception was during the Civil War). This deflation was at times caused by technological progress that created significant economic growth, but at other times it was triggered by <a href="/wiki/Financial_crisis#19th_century" title="Financial crisis">financial crises</a> – notably the <a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a> which caused deflation through 1844, and the <a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a> which triggered the <a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a> that lasted until 1879.<sup id="cite_ref-Wells1890_17-1" class="reference"><a href="#cite_note-Wells1890-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Taylor_1951_28-2" class="reference"><a href="#cite_note-Taylor_1951-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-North1966_31-1" class="reference"><a href="#cite_note-North1966-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> These deflationary periods preceded the establishment of the U.S. <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a> and its active management of monetary matters. Episodes of deflation have been rare and brief since the Federal Reserve was created (a notable exception being the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>) while U.S. economic progress has been unprecedented. </p><p>A financial crisis in England in 1818 caused banks to call in loans and curtail new lending, draining specie out of the U.S.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (February 2021)">citation needed</span></a></i>]</sup> The Bank of the United States also reduced its lending. Prices for cotton and tobacco fell. The price of agricultural commodities also was pressured by a return of normal harvests following 1816, the <i><a href="/wiki/Year_without_a_summer" class="mw-redirect" title="Year without a summer">year without a summer</a></i>, that caused large scale famine and high agricultural prices.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>There were several causes of the deflation of the severe depression of 1839–1843, which included an oversupply of agricultural commodities (importantly cotton) as new cropland came into production following large federal land sales a few years earlier, banks requiring payment in gold or silver, the failure of several banks, default by several states on their bonds and British banks cutting back on specie flow to the U.S.<sup id="cite_ref-North1966_31-2" class="reference"><a href="#cite_note-North1966-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>This cycle has been traced out on a broad scale during the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>. Partly because of overcapacity and market saturation and partly as a result of the <a href="/wiki/Smoot%E2%80%93Hawley_Tariff_Act" title="Smoot–Hawley Tariff Act">Smoot–Hawley Tariff Act</a>, international trade contracted sharply, severely reducing demand for goods, thereby idling a great deal of capacity, and setting off a string of bank failures.<sup id="cite_ref-Beaudreau1996_23-1" class="reference"><a href="#cite_note-Beaudreau1996-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> A similar situation in Japan, beginning with the stock and real estate market collapse in the early 1990s, was arrested by the Japanese government preventing the collapse of most banks and taking over direct control of several in the worst condition. </p> <div class="mw-heading mw-heading3"><h3 id="Scarcity_of_official_money">Scarcity of official money</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=8" title="Edit section: Scarcity of official money"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The United States had no national paper money until 1862 (<a href="/wiki/Greenback_(money)" class="mw-redirect" title="Greenback (money)">greenbacks</a> used to fund the Civil War), but these notes were discounted to gold until 1877. There was also a shortage of U.S. minted coins. Foreign coins, such as Mexican silver, were commonly used.<sup id="cite_ref-David_Ginsburg_27-2" class="reference"><a href="#cite_note-David_Ginsburg-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> At times banknotes were as much as 80% of currency in circulation before the Civil War. In the financial crises of 1818–19 and 1837–1841, many banks failed, leaving their money to be redeemed below <a href="/wiki/Par_value" title="Par value">par value</a> from reserves. Sometimes the notes became worthless, and the notes of weak surviving banks were heavily discounted.<sup id="cite_ref-Taylor_1951_28-3" class="reference"><a href="#cite_note-Taylor_1951-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> The Jackson administration opened branch mints, which over time increased the supply of coins. Following the 1848 finding of gold in the <a href="/wiki/Sierra_Nevada_(U.S.)" class="mw-redirect" title="Sierra Nevada (U.S.)">Sierra Nevada</a>, enough gold came to market to devalue gold relative to silver. To equalize the value of the two metals in coinage, the US mint slightly reduced the silver content of new coinage in 1853.<sup id="cite_ref-David_Ginsburg_27-3" class="reference"><a href="#cite_note-David_Ginsburg-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p>When structural deflation appeared in the years following 1870, a common explanation given by various government inquiry committees was a scarcity of gold and silver, although they usually mentioned the changes in industry and trade we now call productivity. However, <a href="/wiki/David_Ames_Wells" title="David Ames Wells">David A. Wells</a> (1890) notes that the U.S. money supply during the period 1879-1889 actually rose 60%, the increase being in gold and silver, which rose against the percentage of national bank and legal tender notes. Furthermore, Wells argued that the deflation only lowered the cost of goods that benefited from recent improved methods of manufacturing and transportation. Goods produced by craftsmen did not decrease in price, nor did many services, and the cost of labor actually increased. Also, deflation did not occur in countries that did not have modern manufacturing, transportation and communications.<sup id="cite_ref-Wells1890_17-2" class="reference"><a href="#cite_note-Wells1890-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>By the end of the 19th century, deflation ended and turned to mild inflation. <a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">William Stanley Jevons</a> predicted rising gold supply would cause inflation decades before it actually did. <a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a> blamed the worldwide inflation of the pre-WWI years on rising gold supply.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>In economies with an unstable currency, barter and other alternate currency arrangements such as <a href="/wiki/Dollarization" class="mw-redirect" title="Dollarization">dollarization</a> are common, and therefore when the 'official' money becomes scarce (or unusually unreliable), commerce can still continue (e.g., most recently in <a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwe</a>). Since in such economies the central government is often unable, even if it were willing, to adequately control the internal economy, there is no pressing need for individuals to acquire official currency except to pay for imported goods. </p> <div class="mw-heading mw-heading3"><h3 id="Currency_pegs_and_monetary_unions">Currency pegs and monetary unions</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=9" title="Edit section: Currency pegs and monetary unions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>If a country <a href="/wiki/Currency_peg" class="mw-redirect" title="Currency peg">pegs</a> its currency to one of another country that features a higher <a href="/wiki/Productivity_growth" class="mw-redirect" title="Productivity growth">productivity growth</a> or a more favourable <a href="/wiki/Unit_cost" title="Unit cost">unit cost</a> development, it must – to maintain its competitiveness – either become equally more productive or lower its <a href="/wiki/Factor_prices" class="mw-redirect" title="Factor prices">factor prices</a> (e.g., wages). Cutting factor prices fosters deflation. <a href="/wiki/Monetary_union" class="mw-redirect" title="Monetary union">Monetary unions</a> have a similar effect to currency pegs. </p> <div class="mw-heading mw-heading2"><h2 id="Effects">Effects</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=10" title="Edit section: Effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Deflation" title="Special:EditPage/Deflation">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Deflation%22">"Deflation"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Deflation%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Deflation%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Deflation%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Deflation%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Deflation%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">September 2022</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="On_spending_and_borrowing">On spending and borrowing</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=11" title="Edit section: On spending and borrowing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Some believe that, in the absence of large amounts of debt, deflation would be a welcome effect because the lowering of prices increases <a href="/wiki/Purchasing_power" title="Purchasing power">purchasing power</a>.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> However, while an increase in the purchasing power of one's money benefits some, it amplifies the sting of debt for others: after a period of deflation, the payments to service a debt represent a larger amount of purchasing power than they did when the debt was first incurred. Consequently, deflation can be thought of as an effective increase in a loan's interest rate. If, as during the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> in the United States, deflation averages 10% per year, even an interest-free loan is unattractive as it must be repaid with money worth 10% more each year. </p><p>Under normal conditions, most central banks, such as the Federal Reserve, implement policy by setting a target for a short-term interest rate –  the overnight <a href="/wiki/Federal_funds_rate" title="Federal funds rate">federal funds rate</a> in the U.S. –  and enforcing that target by buying and selling securities in open capital markets. When the short-term interest rate hits zero, the central bank can no longer ease policy by lowering its usual interest-rate target. With interest rates near zero, <a href="/wiki/Debt_relief" title="Debt relief">debt relief</a> becomes an increasingly important tool in managing deflation. </p><p>In recent times, as loan terms have grown in length and loan financing (or leveraging) is common among many types of investments, the costs of deflation to borrowers has grown larger. </p> <div class="mw-heading mw-heading3"><h3 id="On_savings_and_investments">On savings and investments</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=12" title="Edit section: On savings and investments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Deflation can discourage private investment, because there is reduced expectations on future profits when future prices are lower. Consequently, with reduced private investments, <a href="#Deflationary_spiral">spiraling deflation</a> can cause a collapse in <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>. Without the "hidden risk of inflation", it may become more prudent for institutions to hold on to money, and not to spend or invest it (burying money). They are therefore rewarded by <a href="/wiki/Saving" title="Saving">saving</a> and holding money. This "hoarding" behavior is seen as undesirable by most economists.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="Hayek's word alone is not a reliable source regarding what most economists think, especially when he was writing in 1932. Other sources are needed, particularly reflecting the state of the field in the 21st century. (September 2022)">citation needed</span></a></i>]</sup> <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a>, a <a href="/wiki/Libertarian" class="mw-redirect" title="Libertarian">libertarian</a> <a href="/wiki/Austrian_school" class="mw-redirect" title="Austrian school">Austrian-school economist</a>, wrote that: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>It is agreed that hoarding money, whether in cash or in idle balances, is deflationary in its effects. No one thinks that deflation is in itself desirable.</p><div class="templatequotecite">— <cite>Hayek (1932)<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <div class="mw-heading mw-heading2"><h2 id="Compared_with_inflation">Compared with inflation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=13" title="Edit section: Compared with inflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Deflation causes a transfer of wealth from borrowers and holders of illiquid assets to the benefit of savers and of holders of liquid assets and currency, and because confused <a href="/wiki/Price_signal" title="Price signal">price signals</a> cause <a href="/wiki/Malinvestment" title="Malinvestment">malinvestment</a> in the form of underinvestment. In this sense, its effects are the opposite of inflation, the effect of which is to transfer wealth from currency holders and lenders (savers) and to borrowers, including governments, and cause overinvestment. Whereas inflation encourages short term consumption and can similarly overstimulate investment in projects that may not be worthwhile in real terms (for example, the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com</a> and <a href="/wiki/Real_estate_bubble" class="mw-redirect" title="Real estate bubble">housing bubbles</a>), deflation reduces investment even when there is a real-world demand not being met. In modern economies, deflation is usually associated with economic depression, as occurred in the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> and the <a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a>. Deflation was present during most economic depressions in US history.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template noprint noexcerpt Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:NOTRS" class="mw-redirect" title="Wikipedia:NOTRS"><span title="This claim needs references to better sources. (September 2022)">better source needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Deflationary_spiral">Deflationary spiral</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=14" title="Edit section: Deflationary spiral"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A <i>deflationary spiral</i> is a situation where decreases in the price level lead to lower production, which in turn leads to lower wages and demand, which leads to further decreases in the price level.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-academia.edu_40-0" class="reference"><a href="#cite_note-academia.edu-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> Since reductions in general price level are called deflation, a deflationary spiral occurs when reductions in price lead to a <a href="/wiki/Virtuous_circle_and_vicious_circle" class="mw-redirect" title="Virtuous circle and vicious circle">vicious circle</a>, where a problem exacerbates its own cause.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> In science, this effect is also known as a <a href="/wiki/Positive_feedback" title="Positive feedback">positive feedback</a> loop. Another economic example of this situation in economics is the <a href="/wiki/Bank_run" title="Bank run">bank run</a>. </p><p>The <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> was regarded by some as a deflationary spiral.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> A deflationary spiral is the modern <a href="/wiki/Macroeconomic" class="mw-redirect" title="Macroeconomic">macroeconomic</a> version of the <a href="/wiki/General_glut" title="General glut">general glut</a> controversy of the 19th century. Another related idea is <a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a>'s theory that <a href="/wiki/Debt_deflation" title="Debt deflation">excess debt can cause a continuing deflation</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Counteracting_deflation">Counteracting deflation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=15" title="Edit section: Counteracting deflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>During severe deflation, targeting an interest rate (the usual method of determining how much currency to create) may be ineffective, because even lowering the short-term interest rate to zero may result in a real interest rate which is too high to attract credit-worthy borrowers. In the 21st-century, negative interest rates have been tried, but it cannot be too negative, since people might withdraw cash from bank accounts if they have a negative interest rate. Thus the central bank must directly set a target for the quantity of money (called "<a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a>") and may use extraordinary methods to increase the supply of money, e.g. purchasing financial assets of a type not usually used by the central bank as reserves (such as <a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">mortgage-backed securities</a>). Before he was <a href="/wiki/Chairman_of_the_Federal_Reserve" class="mw-redirect" title="Chairman of the Federal Reserve">Chairman</a> of the United States <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve</a>, <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> claimed in 2002, "sufficient injections of money will ultimately always reverse a deflation",<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> although Japan's deflationary spiral was not broken by the amount of quantitative easing provided by the Bank of Japan. </p><p>Until the 1930s, it was commonly believed by <a href="/wiki/Classical_economists" class="mw-redirect" title="Classical economists">economists</a> that deflation would cure itself. As prices decreased, demand would naturally increase, and the economic system would correct itself without outside intervention. </p><p>This view was challenged in the 1930s during the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>. <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economists</a> argued that the economic system was not self-correcting with respect to deflation and that governments and central banks had to take active measures to boost demand through tax cuts or increases in government spending. Reserve requirements from the central bank were high compared to recent times. So were it not for redemption of currency for gold (in accordance with the gold standard), the central bank could have effectively increased money supply by simply reducing the reserve requirements and through <a href="/wiki/Open_market_operations" class="mw-redirect" title="Open market operations">open market operations</a> (e.g., buying treasury bonds for cash) to offset the reduction of money supply in the private sectors due to the collapse of credit (credit is a form of money). </p><p>With the rise of <a href="/wiki/Monetarism" title="Monetarism">monetarist</a> ideas, the focus in fighting deflation was put on expanding demand by lowering interest rates (i.e., reducing the "cost" of money). This view has received criticism in light of the failure of accommodative policies in both Japan and the US to spur demand after stock market shocks in the early 1990s and in 2000–2002, respectively. <a href="/wiki/Austrian_economists" class="mw-redirect" title="Austrian economists">Austrian economists</a> worry about the inflationary impact of monetary policies on asset prices. Sustained low real rates can cause higher asset prices and excessive debt accumulation. Therefore, lowering rates may prove to be only a temporary palliative, aggravating an eventual debt deflation crisis. </p> <div class="mw-heading mw-heading3"><h3 id="Special_borrowing_arrangements">Special borrowing arrangements</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=16" title="Edit section: Special borrowing arrangements"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When the central bank has lowered nominal interest rates to zero, it can no longer further stimulate demand by lowering interest rates. This is the famous <a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a>. When deflation takes hold, it requires "<a href="/wiki/Quantitative_easing" title="Quantitative easing">special arrangements</a>" to lend money at a zero nominal rate of interest (which could still be a very high <i>real</i> rate of interest, due to the <i>negative</i> inflation rate) in order to artificially increase the money supply. </p> <div class="mw-heading mw-heading3"><h3 id="Capital">Capital</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=17" title="Edit section: Capital"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Although the values of <a href="/wiki/Capital_asset" title="Capital asset">capital assets</a> are often casually said to deflate when they decline, this usage is not consistent with the usual definition of deflation; a more accurate description for a decrease in the value of a capital asset is <a href="/wiki/Depreciation_(economics)" title="Depreciation (economics)">economic depreciation</a>. Another term, the <a href="/wiki/Depreciation" title="Depreciation">accounting conventions of depreciation</a> are standards to determine a decrease in values of capital assets when market values are not readily available or practical. </p> <div class="mw-heading mw-heading2"><h2 id="Historical_examples">Historical examples</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=18" title="Edit section: Historical examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="EU_countries">EU countries</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=19" title="Edit section: EU countries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The inflation rate of <a href="/wiki/Greece" title="Greece">Greece</a> was negative during three years from 2013 to 2015. The same applies to <a href="/wiki/Bulgaria" title="Bulgaria">Bulgaria</a>, <a href="/wiki/Cyprus" title="Cyprus">Cyprus</a>, <a href="/wiki/Spain" title="Spain">Spain</a>, and <a href="/wiki/Slovakia" title="Slovakia">Slovakia</a> from 2014 to 2016. Greece, Cyprus, Spain, and Slovakia are members of the <a href="/wiki/European_monetary_union" class="mw-redirect" title="European monetary union">European monetary union</a>. The Bulgarian currency, the <a href="/wiki/Bulgarian_lev" title="Bulgarian lev">lev</a>, is <a href="/wiki/Currency_peg" class="mw-redirect" title="Currency peg">pegged</a> to the <a href="/wiki/Euro" title="Euro">Euro</a> with a fixed exchange rate. In the entire <a href="/wiki/European_Union" title="European Union">European Union</a> and the <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a>, a <a href="/wiki/Disinflation" title="Disinflation">disinflationary</a> development was to be observed in the years 2011 to 2015. </p> <table class="wikitable" style="text-align:center"> <tbody><tr> <th>Year</th> <th>Bulgaria</th> <th>Greece</th> <th>Cyprus</th> <th>Spain</th> <th>Slovakia</th> <th>EU</th> <th>Eurozone </th></tr> <tr> <td>2011</td> <td>3.4</td> <td>3.1</td> <td>3.5</td> <td>3.0</td> <td>4.1</td> <td>3.1</td> <td>2.7 </td></tr> <tr> <td>2012</td> <td>2.4</td> <td>1.0</td> <td>3.1</td> <td>2.4</td> <td>3.7</td> <td>2.6</td> <td>2.5 </td></tr> <tr> <td>2013</td> <td>0.4</td> <td style="background: yellow;">−0.9</td> <td>0.4</td> <td>1.5</td> <td>1.5</td> <td>1.5</td> <td>1.4 </td></tr> <tr> <td>2014</td> <td style="background: yellow;">−1.6</td> <td style="background: yellow;">−1.4</td> <td style="background: yellow;">−0.3</td> <td style="background: yellow;">−0.2</td> <td style="background: yellow;">−0.1</td> <td>0.6</td> <td>0.4 </td></tr> <tr> <td>2015</td> <td style="background: yellow;">−1.1</td> <td style="background: yellow;">−1.1</td> <td style="background: yellow;">−1.5</td> <td style="background: yellow;">−0.6</td> <td style="background: yellow;">−0.3</td> <td>0.1</td> <td>0.2 </td></tr> <tr> <td>2016</td> <td style="background: yellow;">−1.3</td> <td>0.0</td> <td style="background: yellow;">−1.2</td> <td style="background: yellow;">−0.3</td> <td style="background: yellow;">−0.5</td> <td>0.2</td> <td>0.2 </td></tr> <tr> <td>2017</td> <td>1.2</td> <td>1.1</td> <td>0.7</td> <td>2.0</td> <td>1.4</td> <td>1.7</td> <td>1.5 </td></tr></tbody></table> <p>Table: <a href="/wiki/Harmonised_index_of_consumer_prices" class="mw-redirect" title="Harmonised index of consumer prices">Harmonised index of consumer prices</a>. Annual average rate of change (%) (HICP inflation rate).<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> Negative values are highlighted in colour. </p> <div class="mw-heading mw-heading3"><h3 id="Hong_Kong">Hong Kong</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=20" title="Edit section: Hong Kong"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Following the <a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">Asian financial crisis</a> in late 1997, <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a> experienced a long period of deflation which did not end until the fourth quarter of 2004.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> Many <a href="/wiki/East_Asia" title="East Asia">East Asian</a> currencies devalued following the crisis. The <a href="/wiki/Hong_Kong_dollar" title="Hong Kong dollar">Hong Kong dollar</a>, however, was pegged to the <a href="/wiki/United_States_dollar" title="United States dollar">U.S. dollar</a>, leading to an adjustment instead by a deflation of <a href="/wiki/Consumer_price_index" title="Consumer price index">consumer prices</a>. The situation was worsened by the increasingly cheap exports from <a href="/wiki/Mainland_China" title="Mainland China">mainland China</a>, and "weak <a href="/wiki/Consumer_confidence" title="Consumer confidence">consumer confidence</a>" in Hong Kong. This deflation was accompanied by an economic slump that was more severe and prolonged than those of the surrounding countries that devalued their currencies in the wake of the Asian financial crisis.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Ireland">Ireland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=21" title="Edit section: Ireland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In February 2009, <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a>'s <a href="/wiki/Central_Statistics_Office_(Ireland)" title="Central Statistics Office (Ireland)">Central Statistics Office</a> announced that during January 2009, the country experienced deflation, with prices falling by 0.1% from the same time in 2008. This was the first time deflation has hit the Irish economy since 1960. Overall consumer prices decreased by 1.7% in the month.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p><p>Brian Lenihan, Ireland's Minister for Finance, mentioned deflation in an interview with RTÉ Radio. According to RTÉ's account,<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> "Minister for Finance Brian Lenihan has said that deflation must be taken into account when Budget cuts in child benefit, public sector pay and professional fees are being considered. Mr Lenihan said month-on-month there has been a 6.6% decline in the cost of living this year." </p><p>This interview is notable in that the deflation referred to is not discernibly regarded negatively by the Minister in the interview. The Minister mentions the deflation as an item of data helpful to the arguments for a cut in certain benefits. The alleged economic harm caused by deflation is not alluded to or mentioned by this member of government. This is a notable example of deflation in the modern era being discussed by a senior financial Minister without any mention of how it might be avoided, or whether it should be.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:No_original_research" title="Wikipedia:No original research"><span title="The material near this tag possibly contains original research. (April 2013)">original research?</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Japan">Japan</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=22" title="Edit section: Japan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Deflation" title="Special:EditPage/Deflation">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">September 2010</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>Deflation started in the early 1990s.<sup id="cite_ref-academia.edu_40-1" class="reference"><a href="#cite_note-academia.edu-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Bank_of_Japan" title="Bank of Japan">Bank of Japan</a> and the government tried to eliminate it by reducing interest rates and "<a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a>," but did not create a sustained increase in broad money and deflation persisted. In July 2006, the zero-rate policy was ended. </p><p>Systemic reasons for deflation in Japan can be said to include: </p> <ul><li><a href="/wiki/Money_supply#Japan" title="Money supply">Tight monetary conditions</a>: The Bank of Japan kept monetary policy loose only when inflation was below zero, tightening whenever deflation ends.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Demographics_of_Japan" title="Demographics of Japan">Unfavorable demographics</a>: Japan has an aging population (22.6% over age 65) which has been declining since 2011, as the death rate exceeds the birth rate.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup></li> <li>Fallen <a href="/wiki/Asset" title="Asset">asset</a> prices: In the case of Japan asset price deflation was a mean reversion or correction back to the price level that prevailed before the asset bubble. There was a rather large <a href="/wiki/Price_bubble" class="mw-redirect" title="Price bubble">price bubble</a> in <a href="/wiki/Stock" title="Stock">stocks</a> and especially <a href="/wiki/Real_estate" title="Real estate">real estate</a> in Japan in the 1980s (peaking in late 1989).<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup></li> <li>Insolvent companies: Banks lent to companies and individuals that invested in real estate. When real estate values dropped, these loans could not be paid. The banks could try to collect on the collateral (land), but this wouldn't pay off the loan. Banks delayed that decision, hoping asset prices would improve. These delays were allowed by national banking regulators. Some banks made even more loans to these companies that are used to service the debt they already had. This continuing process is known as maintaining an "unrealized loss", and until the assets are completely revalued and/or sold off (and the loss realized), it will continue to be a deflationary force in the economy. Improving bankruptcy law, land transfer law, and tax law have been suggested as methods to speed this process and thus end the deflation.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup></li> <li>Insolvent banks: Banks with a larger percentage of their loans which are "non-performing", that is to say, they are not receiving payments on them, but have not yet written them off, cannot lend more money; they must increase their cash reserves to cover the bad loans.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup></li> <li>Fear of insolvent banks: Japanese people are afraid that banks will collapse so they prefer to buy (United States or Japanese) Treasury bonds instead of saving their money in a bank account. This likewise means the money is not available for lending and therefore economic growth. This means that the savings rate depresses consumption, but does not appear in the economy in an efficient form to spur new investment. People also save by owning real estate, further slowing growth, since it inflates land prices.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Accuracy_dispute#Disputed_statement" title="Wikipedia:Accuracy dispute"><span title="No reasoning given for how real estate prices slow growth, and this directly contradicts the paragraph above which pins deflation on falling real estate prices and banks hoping for some price increases before they realise their losses. (November 2017)">dubious</span></a> – <a href="/wiki/Talk:Deflation#Dubious" title="Talk:Deflation">discuss</a></i>]</sup></li> <li>Imported deflation: Japan imports Chinese and other countries' inexpensive consumable goods (due to lower wages and fast growth in those countries) and inexpensive raw materials, many of which reached all time real price minimums in the early 2000s. Thus, prices of imported products are decreasing. Domestic producers must match these prices in order to remain competitive. This decreases prices for many things in the economy, and thus is deflationary.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup></li> <li>Stimulus spending: According to both Austrian and monetarist economic theory, Keynesian stimulus spending actually has a depressing effect. This is because the government is competing against private industry, and usurping private investment dollars.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> In 1998, for example, Japan produced a stimulus package of more than 16 trillion yen, over half of it public works that would have a quashing effect on an equivalent amount of private, wealth-creating economic activity.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> Overall, Japan's stimulus packages added up to over <i>one hundred trillion</i> yen, and yet they failed. According to these economic schools, that stimulus money actually perpetuated the problem it was intended to cure.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup></li></ul> <p>In November 2009, Japan returned to deflation, according to <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a href="/wiki/Bloomberg_L.P." title="Bloomberg L.P.">Bloomberg L.P.</a> reports that consumer prices fell in October 2009 by a near-record 2.2%.<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> It was not until 2014 that new <a href="/wiki/Abenomics" title="Abenomics">economic</a> policies laid out by <a href="/wiki/Prime_Minister_of_Japan" title="Prime Minister of Japan">Prime Minister</a> <a href="/wiki/Shinzo_Abe" title="Shinzo Abe">Shinzo Abe</a> finally allowed for significant levels of inflation to return.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> However, the <a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a> once again led to deflation in 2020, with consumer good prices quickly falling, prompting heavy government stimulus worth over 20% of GDP.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> As a result, it is likely that deflation will remain as a long-term economic issue for Japan.<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=23" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>During <a href="/wiki/World_War_I" title="World War I">World War I</a> the <a href="/wiki/United_Kingdom" title="United Kingdom">British</a> <a href="/wiki/Pound_sterling" title="Pound sterling">pound sterling</a> was removed from the gold standard. The motivation for this policy change was to finance World War I; one of the results was inflation, and a rise in the gold price, along with the corresponding drop in international exchange rates for the pound. When the pound was returned to the gold standard after the war it was done on the basis of the pre-war gold price, which, since it was higher than equivalent price in gold, required prices to fall to realign with the higher target value of the pound. </p><p>The UK experienced deflation of approximately 10% in 1921, 14% in 1922, and 3 to 5% in the early 1930s.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=24" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:US_Historical_Inflation_Ancient.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/US_Historical_Inflation_Ancient.svg/400px-US_Historical_Inflation_Ancient.svg.png" decoding="async" width="400" height="195" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/US_Historical_Inflation_Ancient.svg/600px-US_Historical_Inflation_Ancient.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/US_Historical_Inflation_Ancient.svg/800px-US_Historical_Inflation_Ancient.svg.png 2x" data-file-width="821" data-file-height="400" /></a><figcaption>Annual inflation (in blue) and deflation (in green) rates in the <a href="/wiki/United_States" title="United States">United States</a> since 1666</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:US_Consumer_Price_Index_Graph.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/34/US_Consumer_Price_Index_Graph.svg/400px-US_Consumer_Price_Index_Graph.svg.png" decoding="async" width="400" height="238" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/34/US_Consumer_Price_Index_Graph.svg/600px-US_Consumer_Price_Index_Graph.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/34/US_Consumer_Price_Index_Graph.svg/800px-US_Consumer_Price_Index_Graph.svg.png 2x" data-file-width="788" data-file-height="469" /></a><figcaption><a href="/wiki/United_States_Consumer_Price_Index" title="United States Consumer Price Index">US CPI-U</a> starting from 1913. Source: U.S. Department of Labor</figcaption></figure> <div class="mw-heading mw-heading4"><h4 id="Major_deflations_in_the_United_States">Major deflations in the United States</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=25" title="Edit section: Major deflations in the United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There have been four significant periods of deflation in the United States. </p><p>The first and most severe was during the depression in 1818–1821 when prices of agricultural commodities declined by almost 50%. A credit contraction caused by a financial crisis in England drained specie out of the U.S. The Bank of the United States also contracted its lending. The price of agricultural commodities fell by almost 50% from the high in 1815 to the low in 1821, and did not recover until the late 1830s, although to a significantly lower price level. Most damaging was the price of cotton, the U.S.'s main export. Food crop prices, which had been high because of the famine of 1816 that was caused by the <a href="/wiki/Year_without_a_summer" class="mw-redirect" title="Year without a summer">year without a summer</a>, fell after the return of normal harvests in 1818. Improved transportation, mainly from turnpikes, and to a minor extent the introduction of steamboats, significantly lowered transportation costs.<sup id="cite_ref-Taylor_1951_28-4" class="reference"><a href="#cite_note-Taylor_1951-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>The second was the depression of the late 1830s to 1843, following the <a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a>, when the currency in the United States contracted by about 34% with prices falling by 33%. The magnitude of this contraction is only matched by the Great Depression.<sup id="cite_ref-Atack1994_76-0" class="reference"><a href="#cite_note-Atack1994-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> (See: <a href="#Historical_examples_of_credit_deflation">§ Historical examples of credit deflation</a>.) This "deflation" satisfies both definitions, that of a decrease in prices and a decrease in the available quantity of money. Despite the deflation and depression, GDP rose 16% from 1839 to 1843.<sup id="cite_ref-Atack1994_76-1" class="reference"><a href="#cite_note-Atack1994-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> </p><p>The third was after the <a href="/wiki/United_States_Civil_War" class="mw-redirect" title="United States Civil War">Civil War</a>, sometimes called <a href="/wiki/The_Great_Deflation" title="The Great Deflation">The Great Deflation</a>. It was possibly spurred by return to a gold standard, retiring paper money printed during the Civil War: </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>The Great Sag of 1873–96 could be near the top of the list. Its scope was global. It featured cost-cutting and productivity-enhancing technologies. It flummoxed the experts with its persistence, and it resisted attempts by politicians to understand it, let alone reverse it. It delivered a generation's worth of rising bond prices, as well as the usual losses to unwary creditors via defaults and early calls. Between 1875 and 1896, according to <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a>, prices fell in the United States by 1.7% a year, and in Britain by 0.8% a year. </p><div class="templatequotecite">— <cite><i>Grant's Interest Rate Observer</i>, 10 March 2006<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p>(Note: <a href="/wiki/David_Ames_Wells" title="David Ames Wells">David A. Wells</a> (1890) gives an account of the period and discusses the great advances in productivity which Wells argues were the cause of the deflation. The productivity gains matched the deflation.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> Murray Rothbard (2002) gives a similar account.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup>) </p><p>The fourth was in 1930–1933 when the rate of deflation was approximately 10 percent/year, part of the United States' slide into the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, where banks failed and <a href="/wiki/Unemployment" title="Unemployment">unemployment</a> peaked at 25%. </p><p>The deflation of the Great Depression occurred partly because there was an enormous contraction of <a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">credit</a> (money), <a href="/wiki/Bankruptcies" class="mw-redirect" title="Bankruptcies">bankruptcies</a> creating an environment where <a href="/wiki/Monetary_base" title="Monetary base">cash</a> was in frantic demand, and when the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> was supposed to accommodate that demand, it instead contracted the money supply by 30% in enforcement of its new <a href="/wiki/Real_bills_doctrine" title="Real bills doctrine">real bills doctrine</a>, so banks failed one by one (because they were unable to meet the sudden demand for cash – see <a href="/wiki/Bank_run" title="Bank run">Bank run</a>). From the standpoint of the <a href="/wiki/Fisher_equation" title="Fisher equation">Fisher equation</a> (see above), there was a simultaneous drop both in money supply (credit) and the <a href="/wiki/Velocity_of_money" title="Velocity of money">velocity of money</a> which was so profound that price deflation took hold despite the increases in money supply spurred by the Federal Reserve. </p> <div class="mw-heading mw-heading4"><h4 id="Minor_deflations_in_the_United_States">Minor deflations in the United States</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=26" title="Edit section: Minor deflations in the United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Throughout the history of the United States, inflation has approached zero and dipped below for short periods of time. This was quite common in the 19th century, and in the 20th century until the permanent abandonment of the gold standard for the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> in 1948. In the past 60 years, the United States has experienced deflation only two times; in 2009 with the Great Recession and in 2015, when the CPI barely broke below 0% at −0.1%.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> </p><p>Some economists believe the United States may have experienced deflation as part of the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">financial crisis of 2007–2008</a>; compare the theory of <a href="/wiki/Debt_deflation" title="Debt deflation">debt deflation</a>. Consumer prices dropped 1 percent in October 2008. This was the largest one-month fall in prices in the U.S. since at least 1947. That record was again broken in November 2008 with a 1.7% decline. In response, the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> decided to continue cutting interest rates, down to a near-zero range as of December 16, 2008.<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> </p><p>In late 2008 and early 2009, some economists feared the U.S. would enter a deflationary spiral. Economist <a href="/wiki/Nouriel_Roubini" title="Nouriel Roubini">Nouriel Roubini</a> predicted that the United States would enter a deflationary recession, and coined the term "stag-deflation" to describe it.<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> It was the opposite of <a href="/wiki/Stagflation" title="Stagflation">stagflation</a>, which was the main fear during the spring and summer of 2008. The United States then began experiencing measurable deflation, steadily decreasing from the first measured deflation of −0.38% in March, to July's deflation rate of −2.10%. On the wage front, in October 2009, the state of <a href="/wiki/Colorado" title="Colorado">Colorado</a> announced that its state <a href="/wiki/Minimum_wage" title="Minimum wage">minimum wage</a>, which was indexed to inflation, was set to be cut, which would be the first time a state had cut its minimum wage since 1938.<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=27" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Causes_of_the_Great_Depression" title="Causes of the Great Depression">Causes of the Great Depression</a></li> <li><a href="/wiki/Debt_deflation" title="Debt deflation">Debt deflation</a></li> <li><a href="/wiki/Degrowth" title="Degrowth">Degrowth</a></li> <li><a href="/wiki/Depopulation" class="mw-redirect" title="Depopulation">Depopulation</a></li> <li><a href="/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a></li> <li><a href="/wiki/Overproduction" title="Overproduction">Glut</a></li> <li><a href="/wiki/Great_Contraction" title="Great Contraction">Great Contraction</a></li> <li><a href="/wiki/Kondratiev_wave" title="Kondratiev wave">Kondratiev wave</a></li> <li><a href="/wiki/Underconsumption" title="Underconsumption">Underconsumption</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=28" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Robert J. Barro and Vittorio Grilli (1994), <i>European Macroeconomics</i>, chap. 8, p. 142. <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-333-57764-7" title="Special:BookSources/0-333-57764-7">0-333-57764-7</a></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'SullivanSheffrin2003" class="citation book cs1"><a href="/wiki/Arthur_O%27Sullivan_(economist)" title="Arthur O'Sullivan (economist)">O'Sullivan, Arthur</a>; <a href="/wiki/Steven_M._Sheffrin" title="Steven M. 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Upper Saddle River, New Jersey: Pearson Prentice Hall. p. <a rel="nofollow" class="external text" href="https://archive.org/details/economicsprincip00osul/page/n359">343</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-13-063085-3" title="Special:BookSources/0-13-063085-3"><bdi>0-13-063085-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics%3A+Principles+in+Action&rft.place=Upper+Saddle+River%2C+New+Jersey&rft.pages=343&rft.pub=Pearson+Prentice+Hall&rft.date=2003&rft.isbn=0-13-063085-3&rft.aulast=O%27Sullivan&rft.aufirst=Arthur&rft.au=Sheffrin%2C+Steven+M.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Feconomicsprincip00osul&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADeflation" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarry_Wallop2008" class="citation news cs1">Harry Wallop, Harry Wallop (18 November 2008). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/economics/3478630/Deflation-why-it-is-dangerous.html">"Deflation: why it is dangerous"</a></span>. <i>The Daily Telegraph</i>. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/economics/3478630/Deflation-why-it-is-dangerous.html">Archived</a> from the original on 2022-01-12<span class="reference-accessdate">. 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Zyrus Press. pp. 25–33. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780974237169" title="Special:BookSources/9780974237169"><bdi>9780974237169</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Gold+Coins+of+the+New+Orleans+Mint%3A+How+Gold+Coins+Circulated+in+19th+Century+America&rft.pages=25-33&rft.pub=Zyrus+Press&rft.date=2006&rft.isbn=9780974237169&rft.aulast=Ginsburg&rft.aufirst=David&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DnFkJTM2Rzc0C%26q%3Dhow%2Bgold%2Bcoins%2Bcirculated%2Bin%2Bnineteenth%2Bcentury%2Bamerica%2Bginsberg%26pg%3DPA25&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADeflation" class="Z3988"></span></span> </li> <li id="cite_note-Taylor_1951-28"><span class="mw-cite-backlink">^ <a href="#cite_ref-Taylor_1951_28-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Taylor_1951_28-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Taylor_1951_28-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Taylor_1951_28-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Taylor_1951_28-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTaylor1951" class="citation book cs1">Taylor, George Rogers (1951). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=qjbLCQAAQBAJ&pg=PP1"><i>The Transportation Revolution, 1815–1860</i></a>. 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Ishi Press International. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/4-87187-322-6" title="Special:BookSources/4-87187-322-6"><bdi>4-87187-322-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=You+Can+Profit+from+a+Monetary+Crisis&rft.pub=Ishi+Press+International&rft.date=1981&rft.isbn=4-87187-322-6&rft.aulast=Browne&rft.aufirst=Harry&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADeflation" class="Z3988"></span></span> </li> <li id="cite_note-North1966-31"><span class="mw-cite-backlink">^ <a href="#cite_ref-North1966_31-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-North1966_31-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-North1966_31-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNorth1966" class="citation book cs1">North, Douglas C. (1966). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/economicgrowthof00doug"><i>The Economic Growth of the United States 1790–1860</i></a></span>. New York, London: W. W. 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"A market for buying bank 'passbooks' also cropped up in places like Youngstown. If you were desperate enough in 1931 for money to buy basic necessities, you could get 60 to 70 cents on the dollar for your passbooks' value. Local newspapers even printed the weekly rates for buying and selling these passbooks as they became a commodity; Roth pasted one such rate chart into his diary."</span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><a href="#CITEREFTaylor1951">Taylor 1951</a>, pp. 336</span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWallisNational_Bureau_of_Economic_Research" class="citation web cs1">Wallis, Hohn Joseph; National Bureau of Economic Research. <a rel="nofollow" class="external text" href="http://www.startabank.com/history/200809_TheDepression/depression1839.pdf">"The Depression of 1839 to 1843"</a> <span class="cs1-format">(PDF)</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Depression+of+1839+to+1843&rft.aulast=Wallis&rft.aufirst=Hohn+Joseph&rft.au=National+Bureau+of+Economic+Research&rft_id=http%3A%2F%2Fwww.startabank.com%2Fhistory%2F200809_TheDepression%2Fdepression1839.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADeflation" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStapleford2009" class="citation book cs1">Stapleford, Thomas (2009). <i>The Cost of Living in America: A Political History of Economic Statistics, 1880–2000</i>. 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So What?"</a>. <i>The Fiscal Times</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Fiscal+Times&rft.atitle=America+Is+In+Deflation.+So+What%3F&rft.date=2015-02-26&rft.aulast=Rosenberg&rft.aufirst=Yuval&rft_id=http%3A%2F%2Fwww.thefiscaltimes.com%2F2015%2F02%2F26%2FAmerica-Deflation-So-What&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADeflation" class="Z3988"></span></span> </li> <li id="cite_note-81"><span class="mw-cite-backlink"><b><a href="#cite_ref-81">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/newsevents/press/monetary/20081216b.htm">"FOMC statement"</a> (Press release). Board of Governors of the Federal Reserve System. 16 December 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=FOMC+statement&rft.pub=Board+of+Governors+of+the+Federal+Reserve+System&rft.date=2008-12-16&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fnewsevents%2Fpress%2Fmonetary%2F20081216b.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADeflation" class="Z3988"></span></span> </li> <li id="cite_note-82"><span class="mw-cite-backlink"><b><a href="#cite_ref-82">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRoubini2008" class="citation web cs1">Roubini, Nouriel (30 October 2008). <a rel="nofollow" class="external text" href="https://www.forbes.com/2008/10/29/stagnation-recession-deflation-oped-cx_nr_1030roubini.html">"Get Ready For 'Stag-Deflation'<span class="cs1-kern-right"></span>"</a>. <i>Forbes</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Forbes&rft.atitle=Get+Ready+For+%27Stag-Deflation%27&rft.date=2008-10-30&rft.aulast=Roubini&rft.aufirst=Nouriel&rft_id=https%3A%2F%2Fwww.forbes.com%2F2008%2F10%2F29%2Fstagnation-recession-deflation-oped-cx_nr_1030roubini.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADeflation" class="Z3988"></span></span> </li> <li id="cite_note-83"><span class="mw-cite-backlink"><b><a href="#cite_ref-83">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSvaldi2009" class="citation news cs1">Svaldi, Aldo (13 October 2009). <a rel="nofollow" class="external text" href="http://www.denverpost.com/headlines/ci_13547177">"Colorado minimum wage set to fall"</a>. <i><a href="/wiki/The_Denver_Post" title="The Denver Post">The Denver Post</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Denver+Post&rft.atitle=Colorado+minimum+wage+set+to+fall&rft.date=2009-10-13&rft.aulast=Svaldi&rft.aufirst=Aldo&rft_id=http%3A%2F%2Fwww.denverpost.com%2Fheadlines%2Fci_13547177&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADeflation" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=29" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Nicola_Acocella" title="Nicola Acocella">Nicola Acocella</a>, <b>The deflationary bias of exit strategies in the EMU countries</b>, in: <b>Review of economic conditions in Italy</b>, 2-3: 471–93, (2011).</li> <li>Ben S. Bernanke. <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm">Deflation: Making Sure "It" Doesn't Happen Here</a>. USA Federal Reserve Board. 2002-11-21. Accessed: 2008-10-17. (Archived by WebCite at <a rel="nofollow" class="external free" href="https://web.archive.org/web/20081024060408/http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm">https://web.archive.org/web/20081024060408/http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm</a></li> <li>Michael Bordo & Andrew Filardo, Deflation and monetary policy in a historical perspective: Remembering the past or being condemned to repeat it?, In: Economic Policy, October 2005, pp. 799–844.</li> <li>Georg Erber, The Risk of Deflation in Germany and the Monetary Policy of the ECB. In: Cesifo Forum 4 (2003), 3, pp. 24–29</li> <li>Charles Goodhart and Boris Hofmann, Deflation, credit and asset prices, In: Deflation - Current and Historical Perspectives, eds. Richard C. K. Burdekin & Pierre L. Siklos, Cambridge University Press, Cambridge, 2004.</li> <li>International Monetary Fund, Deflation: Determinants, Risks, and Policy Options - Findings of an Independent Task Force, Washington D. C., April 30, 2003.</li> <li>International Monetary Fund, World Economic Outlook 2006 – Globalization and Inflation, Washington D. C., April 2006.</li> <li>Otmar Issing, The euro after four years: is there a risk of deflation?, 16th European Finance Convention, 2 December 2002, London, Europäische Zentralbank, Frankfurt am Main</li> <li>Steven B. Kamin, Mario Marazzi & John W. Schindler, Is China "Exporting Deflation"?, International Finance Discussion Papers No. 791, Board of Governors of the Federal Reserve System, Washington D. C. January 2004.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKrugman1998" class="citation journal cs1">Krugman, Paul (1998). <a rel="nofollow" class="external text" href="https://www.brookings.edu/wp-content/uploads/1998/06/1998b_bpea_krugman_dominquez_rogoff.pdf">"Its Baaaaack: Japan's Slump and the Return of the Liquidity Trap"</a> <span class="cs1-format">(PDF)</span>. <i>Brookings Papers on Economic Activity</i>. <b>1998</b> (2): 137–205. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2534694">10.2307/2534694</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2534694">2534694</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161203142431/https://www.brookings.edu/wp-content/uploads/1998/06/1998b_bpea_krugman_dominquez_rogoff.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2016-12-03.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Brookings+Papers+on+Economic+Activity&rft.atitle=Its+Baaaaack%3A+Japan%27s+Slump+and+the+Return+of+the+Liquidity+Trap&rft.volume=1998&rft.issue=2&rft.pages=137-205&rft.date=1998&rft_id=info%3Adoi%2F10.2307%2F2534694&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2534694%23id-name%3DJSTOR&rft.aulast=Krugman&rft.aufirst=Paul&rft_id=https%3A%2F%2Fwww.brookings.edu%2Fwp-content%2Fuploads%2F1998%2F06%2F1998b_bpea_krugman_dominquez_rogoff.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADeflation" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Deflation&action=edit&section=30" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output 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href="/wiki/Economic_history" title="Economic history">economic history</a> encyclopedia)</li> <li><a rel="nofollow" class="external text" href="http://economics.about.com/cs/inflation/a/deflation.htm">What is deflation and how can it be prevented?</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090723002544/http://economics.about.com/cs/inflation/a/deflation.htm">Archived</a> 2009-07-23 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (About.com)</li> <li><a rel="nofollow" class="external text" href="https://www.mises.org/econsense/ch68.asp">Deflation, Free or Compulsory</a> from <i>Making Economic Sense</i> by <a href="/wiki/Murray_N._Rothbard" class="mw-redirect" title="Murray N. Rothbard">Murray N. Rothbard</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080410094942/http://www.euroekonom.com/database/graphs3.php?type=inflation-japan&lang=an&time=0">"Annual Inflation Rate – Japan"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.euroekonom.com/database/graphs3.php?type=inflation-japan&lang=an&time=0">the original</a> on 2008-04-10.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Annual+Inflation+Rate+%E2%80%93+Japan&rft_id=http%3A%2F%2Fwww.euroekonom.com%2Fdatabase%2Fgraphs3.php%3Ftype%3Dinflation-japan%26lang%3Dan%26time%3D0&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADeflation" class="Z3988"></span></li> <li><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/wp/2009/wp0997.pdf">Why Are Japanese Wages So Sluggish? 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href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economic_expansions_and_recessions_in_the_United_States_and_Commonwealth_of_Nations_countries" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template:United States – Commonwealth of Nations recessions"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template talk:United States – Commonwealth of Nations recessions"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Special:EditPage/Template:United States – Commonwealth of Nations recessions"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economic_expansions_and_recessions_in_the_United_States_and_Commonwealth_of_Nations_countries" style="font-size:114%;margin:0 4em"><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">Economic expansions</a> and <a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">recessions in the United States</a> and <a href="/wiki/Member_states_of_the_Commonwealth_of_Nations" title="Member states of the Commonwealth of Nations">Commonwealth of Nations countries</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a>/<a href="/wiki/Aggregate_supply" title="Aggregate supply">Supply</a> <ul><li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li><a href="/wiki/General_glut" title="General glut">General glut</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">Model</a></li> <li><a href="/wiki/Overproduction" title="Overproduction">Overproduction</a></li> <li><a href="/wiki/Paradox_of_thrift" title="Paradox of thrift">Paradox of thrift</a></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Price-and-wage stickiness</a></li> <li><a href="/wiki/Underconsumption" title="Underconsumption">Underconsumption</a></li></ul></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a class="mw-selflink selflink">Deflation</a>/<a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Chronic_inflation" title="Chronic inflation">Chronic</a></li> <li><a href="/wiki/Classical_dichotomy" title="Classical dichotomy">Classical dichotomy</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a>/<a href="/wiki/Demand_for_money" title="Demand for money">demand</a></li> <li><a href="/wiki/Neutrality_of_money" title="Neutrality of money">Neutrality of money</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">Real and nominal values</a></li> <li><a href="/wiki/Velocity_of_money" title="Velocity of money">Velocity of money</a></li></ul></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a> <ul><li><a href="/wiki/Economic_recovery" title="Economic recovery">Recovery</a></li> <li><a href="/wiki/Economic_stagnation" title="Economic stagnation">Stagnation</a></li> <li><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">U.S. expansions</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a> <ul><li><a href="/wiki/Nominal_interest_rate" title="Nominal interest rate">Nominal interest rate</a></li> <li><a href="/wiki/Real_interest_rate" title="Real interest rate">Real interest rate</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a>/<a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted</a></li></ul></li> <li><a href="/wiki/Recession" title="Recession">Recession</a> <ul><li><a href="/wiki/Balance_sheet_recession" title="Balance sheet recession">Balance sheet</a></li> <li><a href="/wiki/Economic_depression" title="Economic depression">Depression</a></li> <li><a href="/wiki/Global_recession" title="Global recession">Global</a></li> <li><a href="/wiki/Rolling_recession" title="Rolling recession">Rolling</a></li> <li><a href="/wiki/Recession_shapes" title="Recession shapes">Shapes</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_Kingdom" title="List of recessions in the United Kingdom">U.K. recessions</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">U.S. recessions</a></li></ul></li> <li><a href="/wiki/Shock_(economics)" title="Shock (economics)">Shock</a> <ul><li><a href="/wiki/Demand_shock" title="Demand shock">Demand</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply</a></li></ul></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a> <ul><li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Slump_(15th_century)" title="Great Slump (15th century)">Great Slump</a> (1430–1490)</li> <li><a href="/wiki/War_of_the_Spanish_Succession" title="War of the Spanish Succession">Slump of 1706</a></li> <li><a href="/wiki/Great_Frost_of_1709" title="Great Frost of 1709">Great Frost of 1709</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a> <ul><li>1772–1774; <a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Effects_in_London" title="British credit crisis of 1772–1773">England</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Scotland" title="British credit crisis of 1772–1773">Scotland</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">American Colonies</a></li></ul></li> <li>1785–1788</li> <li><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a>/<a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a> (1789–1793)</li> <li><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a> (1796–1799)</li> <li>1802–1804</li> <li>1807–1810</li> <li>1812</li> <li><a href="/wiki/Post-Napoleonic_Depression" title="Post-Napoleonic Depression">Post-Napoleonic Depression</a> (1815–1821)</li> <li>1822–23</li> <li><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a> (1825–1826)</li> <li>1828–29</li> <li>1833–34</li> <li><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a> (1836–1838 and 1839–1843)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Victorian_era" title="Victorian era">Early Victorian Britain</a>/<br /><a href="/wiki/History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">Civil War-era United States</a><br />(1840–1870)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1845–46</li> <li><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a> (1847–1848)</li> <li>1853–54</li> <li><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a> (1857–1858)</li> <li>1860–61</li> <li><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a> (1865–1867)</li> <li><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869–1870)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a>/<br /><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a>/<a href="/wiki/The_Great_Deflation" title="The Great Deflation">Great Deflation</a> <ul><li>1873–1879; <a href="/wiki/Long_Depression#United_Kingdom" title="Long Depression">United Kingdom</a></li> <li><a href="/wiki/Long_Depression#United_States" title="Long Depression">United States</a></li></ul></li> <li><a href="/wiki/Depression_of_1882%E2%80%931885" title="Depression of 1882–1885">Depression of 1882–1885</a></li> <li>1887–88</li> <li><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890–1891)</li> <li><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a> (1893–1897)</li> <li>1899–1900</li> <li><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a> (1902–1904)</li> <li><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a> (1907–1908)</li> <li><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a> (1910–1912)</li> <li><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a> (1913–14)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Post%E2%80%93World_War_I_recession" title="Post–World War I recession">Post–World War I recession</a> (1918–1919)</li> <li><a href="/wiki/Depression_of_1920%E2%80%931921" title="Depression of 1920–1921">Depression of 1920–1921</a></li> <li><a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a></li> <li>1923–1924</li> <li>1926–1927</li> <li><a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> <ul><li>1929–1939; <a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Australia</a></li> <li><a href="/wiki/Great_Depression_in_Canada" title="Great Depression in Canada">Canada</a></li> <li><a href="/wiki/Great_Depression_in_India" title="Great Depression in India">India</a></li> <li><a href="/wiki/History_of_New_Zealand" title="History of New Zealand">New Zealand</a></li> <li><a href="/wiki/Great_Depression_in_South_Africa" title="Great Depression in South Africa">South Africa</a></li> <li><a href="/wiki/Great_Depression_in_the_United_Kingdom" title="Great Depression in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">United States</a></li></ul></li> <li><a href="/wiki/Recession_of_1937%E2%80%931938" title="Recession of 1937–1938">Recession of 1937–1938</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1945</li> <li><a href="/wiki/Recession_of_1949" title="Recession of 1949">Recession of 1949</a> (1948–1949)</li> <li><a href="/wiki/Recession_of_1953" title="Recession of 1953">Recession of 1953</a> (1953–1954)</li> <li><a href="/wiki/Recession_of_1958" title="Recession of 1958">Recession of 1958</a> (1957–1958)</li> <li><a href="/wiki/Recession_of_1960%E2%80%931961" title="Recession of 1960–1961">Recession of 1960–1961</a></li> <li><a href="/wiki/Recession_of_1969%E2%80%931970" title="Recession of 1969–1970">Recession of 1969–1970</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1973%E2%80%931975_recession" title="1973–1975 recession">1973–1975 recession</a> <ul><li><a href="/wiki/1973%E2%80%931975_recession#United_Kingdom" title="1973–1975 recession">United Kingdom</a></li> <li><a href="/wiki/1973%E2%80%931975_recession#United_States" title="1973–1975 recession">United States</a></li></ul></li> <li><a href="/wiki/Early_1980s_recession" title="Early 1980s recession">Early 1980s recession</a> <ul><li>1980–1982; <a href="/wiki/Early_1980s_recession#Canada" title="Early 1980s recession">Canada</a></li> <li><a href="/wiki/Early_1980s_recession#United_Kingdom" title="Early 1980s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1980s_recession_in_the_United_States" title="Early 1980s recession in the United States">United States</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1990s_United_States_boom" title="1990s United States boom">1990s United States boom</a></li> <li><a href="/wiki/Early_1990s_recession" title="Early 1990s recession">Early 1990s recession</a> <ul><li>1990–1991; <a href="/wiki/Early_1990s_recession_in_Australia" title="Early 1990s recession in Australia">Australia</a></li> <li><a href="/wiki/Early_1990s_recession#Canada" title="Early 1990s recession">Canada</a></li> <li><a href="/wiki/Early_1990s_recession#United_Kingdom" title="Early 1990s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1990s_recession_in_the_United_States" title="Early 1990s recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></li> <li><a href="/wiki/Early_2000s_recession" title="Early 2000s recession">Early 2000s recession</a> (2001)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> <ul><li>2007–2009; <a href="/wiki/Great_Recession_in_Oceania#Australia" title="Great Recession in Oceania">Australia</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Bangladesh" title="Great Recession in Asia">Bangladesh</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas#Canada" title="Great Recession in the Americas">Canada</a></li> <li><a href="/wiki/Great_Recession_in_Asia#India" title="Great Recession in Asia">India</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Malysia" title="Great Recession in Asia">Malaysia</a></li> <li><a href="/wiki/Great_Recession_in_Oceania#New_Zealand" title="Great Recession in Oceania">New Zealand</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Pakistan" title="Great Recession in Asia">Pakistan</a></li> <li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">South Africa</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Sri_Lanka" title="Great Recession in Asia">Sri Lanka</a></li> <li><a href="/wiki/Great_Recession_in_Europe#United_Kingdom" title="Great Recession in Europe">United Kingdom</a></li> <li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a> <ul><li>2020–2022; <a href="/wiki/COVID-19_recession#Australia" title="COVID-19 recession">Australia</a></li> <li><a href="/wiki/COVID-19_recession#Bangladsh" title="COVID-19 recession">Bangladesh</a></li> <li><a href="/wiki/COVID-19_recession#Belize" title="COVID-19 recession">Belize</a></li> <li><a href="/wiki/COVID-19_recession#Botswana" title="COVID-19 recession">Botswana</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada" title="Economic impact of the COVID-19 pandemic in Canada">Canada</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India" title="Economic impact of the COVID-19 pandemic in India">India</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia" title="Economic impact of the COVID-19 pandemic in Malaysia">Malaysia</a></li> <li><a href="/wiki/COVID-19_recession#Namibia" title="COVID-19 recession">Namibia</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand" title="Economic impact of the COVID-19 pandemic in New Zealand">New Zealand</a></li> <li><a href="/wiki/COVID-19_pandemic_in_Singapore#Economic_impact" title="COVID-19 pandemic in Singapore">Singapore</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom" title="Economic impact of the COVID-19 pandemic in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States" title="Economic impact of the COVID-19 pandemic in the United States">United States</a></li> <li><a href="/wiki/COVID-19_recession#Zambia" title="COVID-19 recession">Zambia</a></li></ul></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q161081#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q161081#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q161081#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/4124773-5">Germany</a></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Deflation (Finance)"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/sh85036459">United States</a></span></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.ndl.go.jp/auth/ndlna/00561290">Japan</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&local_base=NLX10&find_code=UID&request=987007545607305171">Israel</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="http://esu.com.ua/search_articles.php?id=23861">Encyclopedia of Modern Ukraine</a></span></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Deflation&oldid=1258794981">https://en.wikipedia.org/w/index.php?title=Deflation&oldid=1258794981</a>"</div></div> <div id="catlinks" class="catlinks" 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