Inflation vs. Deflation, 1920: Anxiety, Indecision, Reversal, and Electoral Upheaval
摘要
In retrospect, the National Bureau of Economic Research concluded that the US economic expansion which began in early 1919 peaked in January 1920. Thereafter the economy contracted, slowly at first, until it bottomed out in July 1921. At the time, nobody much noticed the NBER’s turning point, and prices continued to rise.