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Was Debt Deflation Operative During the Great Depression?

We demonstrate three facts consistent with the debt deflation/credit view explanation of the Great Depression. First, private medium- and long-term nominal debt during the 1920 s exhibited a combination of a high initial value relative to income and a rapid growth rate that is unparalleled in a consistent data set covering more than half a century. Second, the debt issued during the 1920 s occurred in a stable price regime. Third, near the onset of the Depression, the price process switched to one of deflation. Taken together, the evidence suggests that debt deflation was operative during the Depression. (JEL E31, N22)