Fackler, James S.; Parker, Randall E. - In: Economic Inquiry 43 (2005) 1, pp. 67-78
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 1920 s exhibited a combination of a high initial value relative to income and a rapid growth rate that is unparalleled in a...