デフレは「貨幣的」現象か? : 英国「大不況」(1873-96年)に学ぶ

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This paper will argue that deflation nowadays is essentially a global phenomenon, which is attributed to structural changes of the world economy, and so the conventional explanations of deflation and policy advices based on the neo-classical macroeconomics are fallacious. To illustrate this with historical events, we will examine what is called the "Great Depression" in Britain 1873-1896. We confirm W.Arthur Lewis's conclusion that the proximate cause of the fluctuation in prices in that period and after was changes in the growth rate of agricultural supplies. And we will briefly discuss J.M.Keynes's analysis in A Treatise on Money, which suggested that profit deflation had developed in the 1890s.
2003-07-31