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debt deflation
Debt deflation is a theory of economic cycles, which holds that recessions and depressions are due to the overall level of debt shrinking (deflating): the credit cycle is the cause of the economic cycle.
The theory was developed by Irving Fisher following the Wall Street Crash of 1929 and the ensuing Great Depression. The debt deflation theory was familiar to John Maynard Keynes prior to Fisher's discussion of it but he found it lacking in comparison to what would become his theory of liquidity preference.〔(Keynes' Liquidity Preference Trumps Debt Deflation in 1931 and 2008 ), February 24th, 2014, Philip Pilkington〕 The theory, however, has enjoyed a resurgence of interest since the 1980s, both in mainstream economics and in the heterodox school of Post-Keynesian economics, and has subsequently been developed by such Post-Keynesian economists as Hyman Minsky〔Hyman Minsky- "The Financial Instability Hypothesis"(1992)〕 and Steve Keen and by the mainstream economist Ben Bernanke.〔Steve Keen (1995): "Finance and economic breakdown: modelling Minsky’s Financial Instability Hypothesis", Journal of Post Keynesian Economics, Vol. 17, No. 4, 607–635〕
== Fisher's formulation (1933) ==
In Fisher's formulation of debt deflation, when the debt bubble bursts the following sequence of events occurs:
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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