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The Depression of 1920–21 was an extremely sharp deflationary recession in the United States and other countries, shortly after the end of World War I. It lasted from January 1920 to July 1921.〔(US Business Cycle Expansions and Contractions ), National Bureau of Economic Research. Retrieved on September 22, 2008.〕 The extent of the deflation was not only large, but large relative to the accompanying decline in real product. There was a brief post–World War I recession immediately following the end of the war which lasted for 2 years. The economy started to grow, though it had not yet completed all the adjustments in shifting from a wartime to a peacetime economy. Factors identified as potentially contributing to the downturn include: returning troops which created a surge in the civilian labor force, a decline in labor union strife, changes in fiscal and monetary policy, and changes in price expectations. Following the end of the Depression of 1920–21, the Roaring Twenties brought a period of economic prosperity. == Overview == The recession lasted from January 1920 to July 1921, or 18 months, according to the National Bureau of Economic Research. This was longer than most post–World War I recessions, but was shorter than recessions of 1910–12 and 1913–1914 (24 and 23 months respectively) and significantly shorter than the Great Depression (132 months).〔〔()〕 Estimates for the decline in Gross National Product also vary. The U.S. Department of Commerce estimates GNP declined 6.9%, Nathan Balke and Robert J. Gordon estimate a decline of 3.5%, and Christina Romer estimates a decline of 2.4%.〔 There is no formal definition of economic depression, but two informal rules are a 10% decline in GDP or a recession lasting more than three years, and the unemployment rate climbing above 10%. The recession of 1920–21 was characterized by extreme deflation—the largest one-year percentage decline in around 140 years of data.〔 The Department of Commerce estimates 18% deflation, Balke and Gordon estimate 13% deflation, and Romer estimates 14.8% deflation. The drop in wholesale prices was even more severe, falling by 36.8%, the most severe drop since the American Revolutionary War. This is worse than any year during the Great Depression (adding all the years of the Great Depression together, however, yields more severe deflation). The deflation of 1920–21 was extreme in absolute terms, and also unusually extreme given the relatively small decline in gross domestic product.〔 Unemployment rose sharply during the recession. Romer estimates a rise to 8.7% from 5.2% and an older estimate from Stanley Lebergott says unemployment rose from 5.2% to 11.7%. Both agree that unemployment quickly fell after the recession, and by 1923 had returned to a level consistent with full employment.〔 The recession also saw an extremely sharp decline in industrial production. From May 1920 to July 1921, automobile production declined by 60% and total industrial production by 30%. At the end of the recession, production quickly rebounded. Industrial production returned to its peak levels by October 1922. The AT&T Index of Industrial Productivity showed a decline of 29.4%, followed by an increase of 60.1%—by this measure, the recession of 1920–21 had the most severe decline and most robust recovery of any recession between 1899 and the Great Depression. Using a variety of indexes, Victor Zarnowitz found the recession of 1920–21 to have the largest drop in business activity of any recession between 1873 and the Great Depression. (By this measure, Zarnowitz finds the recession to be only slightly larger than the Recession of 1873–79, Recession of 1882–85, Recession of 1893–94, and the recession of 1907–08.)〔 Stocks fell dramatically during the recession. The Dow Jones Industrial Average reached a peak of 119.6 on November 3, 1919, two months before the recession began. The market bottomed on August 24, 1921, at 63.9, a decline of 47% (by comparison, the Dow fell 44% during the Panic of 1907 and 89% during the Great Depression). The climate was terrible for businesses—from 1919 to 1922 the rate of business failures tripled, climbing from 37 failures to 120 failures per every 10,000 businesses. Businesses that avoided bankruptcy saw a 75% decline in profits.〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Depression of 1920–21」の詳細全文を読む スポンサード リンク
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