Cole, Harold L.; Ohanian, Lee E.; Leung, Ron - 2008
. We use a fully articulated model to assess the relative contributions of deflation/monetary shocks, which are the most … for about 2/3 of the Depression, with the monetary shock accounting for about 1/3. The main reason deflation doesn …'t account for more of the Depression is because there is no systematic relationship between deflation and output during this …