France's deflationary impact in 1927-28 was masked because the US was simultaneously shedding gold and lending abroad, offsetting France; but when the US began tightening in 1928, it reinforced France's effect, and the combined gold flows drove world prices down starting mid-1929.
causalpending
Speaker
Douglas IrwinEvidence Quote
“the US began to tighten monetary policy in 1928... and that sort of began to reinforce what France was doing”
Created: 6/15/2026, 9:36:56 AM
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