The debt-deflation theory of great depressions by Irving Fisher published by Econometrica (3/1993). “In Booms and Depressions, I have developed, theoretically and statistically, what may be called a debt-deflation theory of great depressions. In the preface, I stated that the results ‘seem largely new’ I spoke thus cautiously because of my unfamiliarity with the vast literature on the subject…”
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