NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Deflation and Depression: Is There and Empirical Link?

Andrew Atkeson, Patrick Kehoe

NBER Working Paper No. 10268*
Issued in February 2004
NBER Program(s):   EFG    ME

Are deflation and depression empirically linked? No, concludes a broad historical study of inflation and real output growth rates. Deflation and depression do seem to have been linked during the 1930s. But in the rest of the data for 17 countries and more than 100 years, there is virtually no evidence of such a link.

*Published: Atkeson, Andrew and Patrick J. Kehoe. "Deflation And Depression: Is There An Empirical Link?," American Economic Review, 2004, v94(2,May), 99-103.

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