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I agree with Milton Friedman that once the Crash had occurred, the Federal Reserve System pursued a silly deflationary policy.

I am not only against inflation but I am also against deflation. So, once again, a badly programmed monetary policy prolonged the depression.

While an increase in the purchasing power of one's money benefits some, it amplifies the sting of debt for others: after a period of deflation, the payments to service a debt represent a larger amount of purchasing power than they did when the debt was first incurred.

Consequently, deflation can be thought of as an effective increase in a loan's interest rate. When the short-term interest rate hits zero, the central bank can no longer ease policy by lowering its usual interest-rate target.

With interest rates near zero, debt relief becomes an increasingly important tool in managing deflation. In recent times, as loan terms have grown in length and loan financing or leveraging is common among many types of investments, the costs of deflation to borrowers has grown larger.

Deflation can discourage private investment, because there is reduced expectations on future profits when future prices are lower.

Consequently, with reduced private investments, spiraling deflation can cause a collapse in aggregate demand.

Without the "hidden risk of inflation", it may become more prudent for institutions to hold on to money, and not to spend or invest it burying money.

They are therefore rewarded by holding money. This "hoarding" behavior is seen as undesirable by most economists, as Hayek points out:.

It is agreed that hoarding money, whether in cash or in idle balances, is deflationary in its effects. No one thinks that deflation is in itself desirable.

Some believe that, in the absence of large amounts of debt, deflation would be a welcome effect because the lowering of prices increases purchasing power.

Since deflationary periods disfavor debtors including most farmers , they are often periods of rising populist backlash. For example, in the late 19th century, populists in the US wanted debt relief or to move off the new gold standard and onto a silver standard the supply of silver was increasing relatively faster than the supply of gold, making silver less deflationary than gold , bimetal standard, or paper money like the recently ended Greenbacks.

A deflationary spiral is a situation where decreases in the price level lead to lower production, which in turn leads to lower wages and demand, which leads to further decreases in the price level.

In science, this effect is also known as a positive feedback loop. Another economic example of this principle is a bank run.

The Great Depression was regarded by some as a deflationary spiral. Another related idea is Irving Fisher 's theory that excess debt can cause a continuing deflation.

Whether deflationary spirals can actually occur is controversial, with their possibility being disputed by freshwater economists including the Chicago school of economics and Austrian School economists.

During severe deflation, targeting an interest rate the usual method of determining how much currency to create may be ineffective, because even lowering the short-term interest rate to zero may result in a real interest rate which is too high to attract credit-worthy borrowers.

In the 21st century negative interest rate has been tried, but it can't be too negative, since people might withdraw cash from bank accounts if they have negative interest rate.

Thus the central bank must directly set a target for the quantity of money called " quantitative easing " and may use extraordinary methods to increase the supply of money, e.

Until the s, it was commonly believed by economists that deflation would cure itself. As prices decreased, demand would naturally increase and the economic system would correct itself without outside intervention.

This view was challenged in the s during the Great Depression. Keynesian economists argued that the economic system was not self-correcting with respect to deflation and that governments and central banks had to take active measures to boost demand through tax cuts or increases in government spending.

Reserve requirements from the central bank were high compared to recent times. So were it not for redemption of currency for gold in accordance with the gold standard , the central bank could have effectively increased money supply by simply reducing the reserve requirements and through open market operations e.

With the rise of monetarist ideas, the focus in fighting deflation was put on expanding demand by lowering interest rates i.

This view has received a setback in light of the failure of accommodative policies in both Japan and the US to spur demand after stock market shocks in the early s and in —02, respectively.

Austrian economists worry about the inflationary impact of monetary policies on asset prices. Sustained low real rates can cause higher asset prices and excessive debt accumulation.

Therefore, lowering rates may prove to be only a temporary palliative, aggravating an eventual debt deflation crisis.

When the central bank has lowered nominal interest rates to zero, it can no longer further stimulate demand by lowering interest rates. This is the famous liquidity trap.

When deflation takes hold, it requires " special arrangements " to lend money at a zero nominal rate of interest which could still be a very high real rate of interest, due to the negative inflation rate in order to artificially increase the money supply.

Although the values of capital assets are often casually said to deflate when they decline, this usage is not consistent with the usual definition of deflation; a more accurate description for a decrease in the value of a capital asset is economic depreciation.

Another term, the accounting conventions of depreciation are standards to determine a decrease in values of capital assets when market values are not readily available or practical.

Following the Asian financial crisis in late , Hong Kong experienced a long period of deflation which did not end until the 4th quarter of The Hong Kong dollar however, was pegged to the US dollar , leading to an adjustment instead by a deflation of consumer prices.

The situation was worsened by the increasingly cheap exports from Mainland China , and "weak Consumer confidence " in Hong Kong. This deflation was accompanied by an economic slump that was more severe and prolonged than those of the surrounding countries that devalued their currencies in the wake of the Asian financial crisis.

In February , Ireland 's Central Statistics Office announced that during January , the country experienced deflation, with prices falling by 0.

This is the first time deflation has hit the Irish economy since Overall consumer prices decreased by 1. Mr Lenihan said month-on-month there has been a 6.

This interview is notable in that the deflation referred to is not discernibly regarded negatively by the Minister in the interview.

The Minister mentions the deflation as an item of data helpful to the arguments for a cut in certain benefits.

The alleged economic harm caused by deflation is not alluded to or mentioned by this member of government. This is a notable example of deflation in the modern era being discussed by a senior financial Minister without any mention of how it might be avoided, or whether it should be.

Deflation started in the early s. In July , the zero-rate policy was ended. Bloomberg L. During World War I the British pound sterling was removed from the gold standard.

The motivation for this policy change was to finance World War I; one of the results was inflation, and a rise in the gold price, along with the corresponding drop in international exchange rates for the pound.

When the pound was returned to the gold standard after the war it was done on the basis of the pre-war gold price, which, since it was higher than equivalent price in gold, required prices to fall to realign with the higher target value of the pound.

A credit contraction caused by a financial crisis in England drained specie out of the U. The Bank of the United States also contracted its lending.

Most damaging was the price of cotton, the U. Food crop prices, which had been high because of the famine of that was caused by the year without a summer , fell after the return of normal harvests in Improved transportation, mainly from turnpikes, and to a minor extent the introduction of steamboats, significantly lowered transportation costs.

The magnitude of this contraction is only matched by the Great Depression. It was possibly spurred by return to a gold standard, retiring paper money printed during the Civil War.

The Great Sag of —96 could be near the top of the list. Its scope was global. It featured cost-cutting and productivity-enhancing technologies.

It flummoxed the experts with its persistence, and it resisted attempts by politicians to understand it, let alone reverse it. Between and , according to Milton Friedman , prices fell in the United States by 1.

From the standpoint of the Fisher equation see above , there was a concomitant drop both in money supply credit and the velocity of money which was so profound that price deflation took hold despite the increases in money supply spurred by the Federal Reserve.

Throughout the history of the United States, inflation has approached zero and dipped below for short periods of time.

This was quite common in the 19th century, and in the 20th century until the permanent abandonment of the gold standard for the Bretton Woods system in Some economists believe the United States may have experienced deflation as part of the financial crisis of —10 ; compare the theory of debt deflation.

Year-on-year, consumer prices dropped for six months in a row to end-August , largely due to a steep decline in energy prices.

This was the largest one-month fall in prices in the US since at least That record was again broken in November, with a 1. In response, the Federal Reserve decided to continue cutting interest rates, down to a near-zero range as of December 16, In late and early , some economists feared the US could enter a deflationary spiral.

Economist Nouriel Roubini predicted that the United States would enter a deflationary recession, and coined the term "stag-deflation" to describe it.

The United States then began experiencing measurable deflation, steadily decreasing from the first measured deflation of On the wage front, in October the state of Colorado announced that its state minimum wage , which is indexed to inflation, is set to be cut, which would be the first time a state has cut its minimum wage since From Wikipedia, the free encyclopedia.

For other uses, see Deflation disambiguation. Not to be confused with Disinflation , a slowdown in the inflation rate.

Basic concepts. Fiscal Monetary Commercial Central bank. Related fields. Econometrics Economic statistics Monetary economics Development economics International economics.

Edward C. Sargent Paul Krugman N. Gregory Mankiw. See also. Macroeconomic model Publications in macroeconomics Economics Applied Microeconomics Political economy Mathematical economics.

This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources.

Unsourced material may be challenged and removed. November Learn how and when to remove this template message.

Main article: Debt deflation. This section does not cite any sources. Please help improve this section by adding citations to reliable sources.

September Learn how and when to remove this template message. Wells gives an account of the period and discusses the great advances in productivity which Wells argues were the cause of the deflation.

The productivity gains matched the deflation. Barro and Vittorio Grilli , European Macroeconomics , chap. Economics: Principles in Action. The Telegraph.

Telegraph Media Group. Retrieved 20 September Economist magazine. New York Times. Journal of Money, Credit and Banking. New York: D.

Appleton and Co. Money supply, p. Cato Journal. Cato Institute. Archived from the original PDF on Cambridge University Peess. Waverly press.

Money Mischief: Episodes in Monetary History. Houghton Mifflin Harcourt. The Transportation Revolution, — The Economic History of the United States.

Volume IV. You Can Profit from a Monetary Crisis. The Economic Growth of the United States Arrows point to carunculae myrtiformes "remnants" of the hymen in a post-pubertal individual.

Main article: Virginity test. This section's factual accuracy is disputed. Relevant discussion may be found on Talk:Hymen.

Please help to ensure that disputed statements are reliably sourced. November Learn how and when to remove this template message. Jean, eds. New York: Oxford University Press.

Paige Clinical protocols in pediatric and adolescent gynecology. American Family Physician. University of California, Santa Barbara. Retrieved September 19, While some females bleed the first time they have penetrative intercourse, not every female does.

This depends on many factors, such as how much hymenal tissue a female has, whether her hymen has already been stretched or torn, or how thick and elastic it is.

We agree with Rogers and Stark that so called rupture and bleeding of the hymen is not to be routinely expected after first sexual intercourse.

Simpson's Forensic Medicine 11th ed. London: Arnold. Possible explanations for the lack of genital trauma include In Mann, Gurdeep S.

Imaging of Gynecological Disorders in Infants and Children. Medical Radiology. Jean; Muram, David Oxford University Press. Retrieved February 2, Different normal variants in hymenal configuration are described, varying from the common annular, to crescentic, to navicular "boatlike" with an anteriorly displaced hymenal orifice.

Hymenal variations are rarely clinically significant before menarche. In the case of a navicular configuration, urinary complaints e.

Sometimes, a cribriform fenestrated , septate, or navicular configuration to the hymen can be associated with retention of vaginal secretions and prolongation of the common condition of a mixed bacterial vulvovaginitis.

Blueprints Obstetrics and Gynecology. BMJ Case Reports. Encyclopedia of Jewish Medical Ethics. Occasionally, the hymen is harder than normal or it is complete and sealed without there being This condition is called imperforate hymen and, at times McGraw-Hill Professional.

Imperforate hymen represents a persistent portion of the urogenital membrane It is one of the most common obstructive lesions of the female genital tract.

Tijdschrift voor Seksuologie in Dutch. Retrieved September 7, Archives of Sexual Behavior. May 1, Journal of Clinical Forensic Medicine. Hymen injury was noted in 40 Journal of Pediatric and Adolescent Gynecology.

Psychology Today. Retrieved September 8, American Journal of Obstetrics and Gynecology. Child: Care, Health and Development.

No scar tissue formation was observed in either group of girls. June 8, A review of the literature". Forensic Science International.

Jean; Woods, Elizabeth R. The Journal of Pediatrics. Contrary to the popular belief that transections of the hymen are associated with gymnastics, horseback riding, and other vigorous sports, we found no relation between sports or gymnastics and hymenal changes.

There was also no relation to prior gynecologic examination. April 30, They have had sex already but are expected to be virgins at marriage according to a custom that he called 'cultural and traditional, with enormous family pressure'.

The New York Times. Retrieved June 13, World Health Organization. October 17, Retrieved October 22, History of Psychiatry. Virgin: The Untouched History.

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