{"id":"https://openalex.org/W3122866166","doi":"https://doi.org/10.3386/w10329","title":"Good versus Bad Deflation: Lessons from the Gold Standard Era","display_name":"Good versus Bad Deflation: Lessons from the Gold Standard Era","publication_year":2004,"publication_date":"2004-02-01","ids":{"openalex":"https://openalex.org/W3122866166","doi":"https://doi.org/10.3386/w10329","mag":"3122866166"},"language":"en","primary_location":{"id":"doi:10.3386/w10329","doi":"https://doi.org/10.3386/w10329","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w10329","pdf_url":"https://doi.org/10.3386/w10329","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w10329","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5091502988","display_name":"Michael David Bordo","orcid":"https://orcid.org/0000-0003-1426-8203","observed_orcids":["https://orcid.org/0000-0003-1426-8203"]},"institutions":[{"id":"https://openalex.org/I102322142","display_name":"Rutgers, The State University of New Jersey","ror":"https://ror.org/05vt9qd57","country_code":"US","type":"education","lineage":["https://openalex.org/I102322142"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Michael Bordo","raw_affiliation_strings":["Department of Economics Rutgers University New Brunswick , NJ 08901 and"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics Rutgers University New Brunswick , NJ 08901 and","institution_ids":["https://openalex.org/I102322142"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5023918588","display_name":"John S. Landon\u2010Lane","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I102322142","display_name":"Rutgers, The State University of New Jersey","ror":"https://ror.org/05vt9qd57","country_code":"US","type":"education","lineage":["https://openalex.org/I102322142"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"John Landon Lane","raw_affiliation_strings":["Department of Economics Rutgers University New Brunswick , NJ 08901"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics Rutgers University New Brunswick , NJ 08901","institution_ids":["https://openalex.org/I102322142"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5054505333","display_name":"Angela Redish","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I141945490","display_name":"University of British Columbia","ror":"https://ror.org/03rmrcq20","country_code":"CA","type":"education","lineage":["https://openalex.org/I141945490"]}],"countries":["CA"],"is_corresponding":false,"raw_author_name":"Angela Redish","raw_affiliation_strings":["Department of Economics University of British Columbia Vancouver , B.C. Canada , V6T 1Z1"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics University of British Columbia Vancouver , B.C. Canada , V6T 1Z1","institution_ids":["https://openalex.org/I141945490"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":86,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9980000257492065,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9980000257492065,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10605","display_name":"Historical Economic and Social Studies","score":0.0007999999797903001,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/deflation","display_name":"deflation","score":0.9800000190734863},{"id":"https://openalex.org/keywords/gold-standard","display_name":"gold standard","score":0.906000018119812},{"id":"https://openalex.org/keywords/late-19th-century","display_name":"late 19th century","score":0.8759999871253967},{"id":"https://openalex.org/keywords/aggregate-supply-shocks","display_name":"aggregate supply shocks","score":0.9240000247955322},{"id":"https://openalex.org/keywords/money-supply-shocks","display_name":"money supply shocks","score":0.9909999966621399},{"id":"https://openalex.org/keywords/aggregate-demand-shocks","display_name":"aggregate demand shocks","score":0.9449999928474426},{"id":"https://openalex.org/keywords/output-growth","display_name":"output growth","score":0.5490000247955322},{"id":"https://openalex.org/keywords/price-level","display_name":"price level","score":0.6150000095367432},{"id":"https://openalex.org/keywords/great-depression","display_name":"Great Depression","score":0.6299999952316284},{"id":"https://openalex.org/keywords/nominal-anchor","display_name":"nominal anchor","score":0.656000018119812},{"id":"https://openalex.org/keywords/structural-shocks","display_name":"structural shocks","score":0.5099999904632568},{"id":"https://openalex.org/keywords/historical-decomposition","display_name":"historical decomposition","score":0.4869999885559082}],"concepts":[{"id":"https://openalex.org/C8112001","wikidata":"https://www.wikidata.org/wiki/Q161081","display_name":"Deflation","level":3,"score":0.9788830280303955},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7935814261436462},{"id":"https://openalex.org/C68356823","wikidata":"https://www.wikidata.org/wiki/Q2474789","display_name":"Aggregate supply","level":4,"score":0.6725440621376038},{"id":"https://openalex.org/C552438157","wikidata":"https://www.wikidata.org/wiki/Q8698","display_name":"Great Depression","level":2,"score":0.647908091545105},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.6018072366714478},{"id":"https://openalex.org/C203379541","wikidata":"https://www.wikidata.org/wiki/Q1801078","display_name":"Aggregate demand","level":3,"score":0.5543220043182373},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5438194870948792},{"id":"https://openalex.org/C86337476","wikidata":"https://www.wikidata.org/wiki/Q651685","display_name":"Supply shock","level":3,"score":0.5392144918441772},{"id":"https://openalex.org/C133029050","wikidata":"https://www.wikidata.org/wiki/Q385593","display_name":"Vector autoregression","level":2,"score":0.5021116733551025},{"id":"https://openalex.org/C2779971977","wikidata":"https://www.wikidata.org/wiki/Q842206","display_name":"Money supply","level":3,"score":0.4919860064983368},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.4277620315551758},{"id":"https://openalex.org/C2776867660","wikidata":"https://www.wikidata.org/wiki/Q1814941","display_name":"Depression (economics)","level":2,"score":0.41984355449676514},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.34080585837364197},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.07788306474685669},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.07341587543487549}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.3386/w10329","doi":"https://doi.org/10.3386/w10329","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w10329","pdf_url":"https://doi.org/10.3386/w10329","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:nbr:nberwo:10329","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w10329.pdf","pdf_url":"http://www.nber.org/papers/w10329.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:aleph.bib-bvb.de:BVB01-012036203","doi":null,"is_oa":false,"landing_page_url":"http://papers.nber.org/papers/w10329.pdf","pdf_url":"http://papers.nber.org/papers/w10329.pdf","source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},{"id":"mag:3122866166","doi":null,"is_oa":false,"landing_page_url":"https://EconPapers.repec.org/RePEc:nbr:nberwo:10329","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null}],"best_oa_location":{"id":"doi:10.3386/w10329","doi":"https://doi.org/10.3386/w10329","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w10329","pdf_url":"https://doi.org/10.3386/w10329","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8","score":0.6899999976158142}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3122866166.pdf","grobid_xml":"https://content.openalex.org/works/W3122866166.grobid-xml"},"referenced_works_count":14,"referenced_works":["https://openalex.org/W1486338228","https://openalex.org/W1855682401","https://openalex.org/W1965895004","https://openalex.org/W1968450183","https://openalex.org/W1969886729","https://openalex.org/W2020540884","https://openalex.org/W2092532477","https://openalex.org/W2116905567","https://openalex.org/W3121169154","https://openalex.org/W3121829217","https://openalex.org/W4247257204","https://openalex.org/W6672064088","https://openalex.org/W6691073253","https://openalex.org/W6986101627"],"related_works":["https://openalex.org/W1493130872","https://openalex.org/W1973632920","https://openalex.org/W2327976548","https://openalex.org/W4388878458","https://openalex.org/W7097050767","https://openalex.org/W342733490","https://openalex.org/W2198933750","https://openalex.org/W4388063098","https://openalex.org/W1603022954","https://openalex.org/W2072274490"],"abstract_inverted_index":{"Deflation":[0],"has":[1,40],"had":[2,91,135,166],"a":[3,75,92,118],"bad":[4],"rap,":[5],"largely":[6],"based":[7,96],"on":[8,56,97,136,169],"the":[9,12,30,37,46,57,61,64,70,104,129,143,146,161,175,183,192,196,206],"experience":[10,20,59,194],"of":[11,48,60,106,145],"1930's":[13],"when":[14],"deflation":[15,33,58,144,193,204],"was":[16,179,209],"synonymous":[17],"with":[18,21,29,103,191],"depression.Recent":[19],"declining":[22],"prices":[23],"in":[24,34,69,182,205],"Japan":[25],"and":[26,36,67,87,113,138,156],"China":[27],"together":[28],"concern":[31],"over":[32],"Europe":[35],"United":[38,62,65],"States":[39],"led":[41],"to":[42,45,127],"renewed":[43],"attention":[44,55],"topic":[47],"deflation.In":[49],"this":[50,187],"paper":[51],"we":[52,171],"focus":[53],"our":[54,199],"States,":[63],"Kingdom,":[66],"Germany":[68],"late":[71,147],"nineteenth":[72,148,207],"century":[73,149,208],"during":[74,186,195],"period":[76],"characterized":[77],"by":[78],"low":[79],"deflation,":[80],"rapid":[81],"productivity":[82],"growth,":[83,86],"positive":[84,152],"output":[85,137],"where":[88],"many":[89],"nations":[90],"credible":[93],"nominal":[94],"anchor":[95],"gold:":[98],"circumstances":[99],"which":[100],"have":[101],"resonance":[102],"world":[105],"today.We":[107],"identify":[108],"aggregate":[109,111,153,176],"supply,":[110],"demand,":[112],"money":[114,158,163],"supply":[115,154,159,164,177],"shocks":[116,134,155,165],"using":[117],"structural":[119,133],"panel":[120],"vector":[121],"autoregression.We":[122],"then":[123],"use":[124],"historical":[125],"decompositions":[126],"investigate":[128],"impact":[130],"that":[131,142,203],"these":[132],"prices.Our":[139],"findings":[140],"are":[141],"reflected":[150],"both":[151],"negative":[157,162],"shocks.However,":[160],"little":[167],"effect":[168],"output.This":[170],"posit":[172],"is":[173],"because":[174],"curve":[178],"very":[180],"steep":[181],"short":[184],"run":[185],"period.This":[188],"contrasts":[189],"greatly":[190],"Great":[197],"Depression.Thus":[198],"empirical":[200],"evidence":[201],"suggests":[202],"primarily":[210],"good.":[211]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":5},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":6},{"year":2014,"cited_by_count":8},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":3}],"updated_date":"2026-10-24T09:50:30.924529","created_date":"2021-02-01T00:00:00"}
