Titlebook: Inflation Decade, 1910—1920; Americans Confront t David I. Macleod Book 2024 The Editor(s) (if applicable) and The Author(s), under exclusi

含糊其辭

The Inflation Muddle, 1915 to June 1917,s fretted about more narrowly defined inflation—undue expansion of paper currency or issuance of currency not fully backed by gold reserves. Varying concepts of inflation influenced estimates of whether it was occurring, and if so, how severe it was. However defined, inflation generally served as a term of opprobrium.

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,Deflation’s Consequences: Winners, Losers, and a Brief New Normalcy,recovered to $5401 again and then rose sharply to $6016 in 1923. The pain was distributed unevenly, as farm commodity prices plunged and estimated unemployment among the civilian labor force soared from 5.2 percent in 1920 to 11.3 percent in 1921. It shrank modestly to 8.6 percent in 1922 and stabilized around 4.3 percent in 1923.

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Introduction, the Federal Reserve. In response to a minor surge in the cost of living, expressions of public dismay intensified sharply in 1910. Living costs, centered on food, became a political issue and fostered a plethora of diagnoses and remedies. Meanwhile, farmers’ spokesmen celebrated higher commodity pr

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The High Cost of Living: Respite and Upsurge, 1915 to Early 1917,as recovering from a recession that ended about December 1914 and 1915s harvests were good. The wholesale price index (July 1913–June 1914 = 100) rose from 99 in July 1914 to 106 in December 1915, then sharply higher to 118 by June 1916, but consumer prices were relatively unaffected at first becaus

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The Inflation Muddle, 1915 to June 1917, less than what was causing a general rise in prices throughout the economy. Some participants thought broadly of an expanding money supply, but others fretted about more narrowly defined inflation—undue expansion of paper currency or issuance of currency not fully backed by gold reserves. Varying c