摘要 : We demonstrate three facts consistent with the debt deflation/credit view explanation of the Great Depression. First, private medium- and long-term nominal debt during the 1920s exhibited a combination of a high initial value rela... 展开 We demonstrate three facts consistent with the debt deflation/credit view explanation of the Great Depression. First, private medium- and long-term nominal debt during the 1920s exhibited a combination of a high initial value relative to income and a rapid growth rate that is unparalleled in a consistent data set covering more than half a century. Second, the debt issued during the 1920s occurred in a stable price regime. Third, near the onset of the Depression, the price process switched to one of deflation. Taken together, the evidence suggests that debt deflation was operative during the Depression. 收起