In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0%. Inflation reduces the value of currency over time, but deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from disinflation, a slowdown in the inflation rate; i.e., when inflation declines to a lower rate but is still positive.
Montagu Collet Norman, 1st Baron Norman DSO PC was an English banker, best known for his role as the Governor of the Bank of England from 1920 to 1944.
The causes of the Great Depression in the early 20th century in the United States have been extensively discussed by economists and remain a matter of active debate. They are part of the larger debate about economic crises and recessions. The specific economic events that took place during the Great Depression are well established.
Ben Shalom Bernanke is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Federal Reserve, he was appointed a distinguished fellow at the Brookings Institution. During his tenure as chairman, Bernanke oversaw the Federal Reserve's response to the 2007–2008 financial crisis, for which he was named the 2009 Time Person of the Year. Before becoming Federal Reserve chairman, Bernanke was a tenured professor at Princeton University and chaired the Department of Economics there from 1996 to September 2002, when he went on public service leave. Bernanke was awarded the 2022 Nobel Memorial Prize in Economic Sciences, jointly with Douglas Diamond and Philip H. Dybvig, "for research on banks and financial crises", more specifically for his analysis of the Great Depression.
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the State of New York, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. Located at 33 Liberty Street in Lower Manhattan, it is the largest, the most active, and the most influential of the Reserve Banks.
Anna Jacobson Schwartz was an American economist who worked at the National Bureau of Economic Research in New York City and a writer for The New York Times. Paul Krugman has said that Schwartz is "one of the world's greatest monetary scholars."
The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble and the 2005 housing bubble burst and the subprime mortgage crisis which developed during 2007 and 2008. It includes United States enactment of government laws and regulations, as well as public and private actions which affected the housing industry and related banking and investment activity. It also notes details of important incidents in the United States, such as bankruptcies and takeovers, and information and statistics about relevant trends. For more information on reverberations of this crisis throughout the global financial system see 2007–2008 financial crisis.
A Monetary History of the United States, 1867–1960 is a book written in 1963 by future Nobel Prize-winning economist Milton Friedman and Anna Schwartz. It uses historical time series and economic analysis to argue the then-novel proposition that changes in the money supply profoundly influenced the United States economy, especially the behavior of economic fluctuations. The implication they draw is that changes in the money supply had unintended adverse effects, and that sound monetary policy is necessary for economic stability. Orthodox economic historians see it as one of the most influential economics books of the century. The chapter dealing with the causes of the Great Depression was published as a standalone book titled The Great Contraction, 1929–1933.
Debt deflation is a theory that recessions and depressions are due to the overall level of debt rising in real value because of deflation, causing people to default on their consumer loans and mortgages. Bank assets fall because of the defaults and because the value of their collateral falls, leading to a surge in bank insolvencies, a reduction in lending and by extension, a reduction in spending.
Rudolf Emil Albert Havenstein was a German lawyer and president of the Reichsbank during the hyperinflation of 1921–1923.
The Great Depression was a period of severe global economic downturn that occurred from 1929 to 1939. It was characterised by high unemployment rates and widespread business failures around the world. The economic contagion began around September 1929 in the United States, the largest economy in the world. Economic historians usually consider the catalyst of the Great Depression to have been the devastating Wall Street stock market crash of October, a sharp decline in U.S. stock prices often referred to as 'Black Tuesday'.
The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. The scale and timing of the recession varied from country to country. At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression.
Liaquat Ahamed is an American author.
The 2010 Pulitzer Prizes were awarded on Monday, April 12, 2010. In journalism, The Washington Post won four awards while The New York Times won three. For the first time, an online source, ProPublica, won in what had previously been the sole province of print. A musical, Next to Normal, won the Drama award for the first time in 14 years. Country singer-songwriter Hank Williams, who died at age 29 in 1953, received a special citation. The winner(s) in each category are:
Émile Moreau was Governor of the Banque de France from 1926 to 1930 and chairman of Paribas from 1931 to 1940. After retiring from his role as governor he took a job in a private bank. His contribution to the Poincare Stabilization helped the French Franc to gain credibility in the 1920s following the Russian Default post the Bolshevik Revolution. As pointed out in his memoirs, Emile Moreau took active measures to increase French influence in Eastern Europe. It was under his governorship that French Money Doctors were sent to Romania as advisors.
Currency war, also known as competitive devaluations, is a condition in international affairs where countries seek to gain a trade advantage over other countries by causing the exchange rate of their currency to fall in relation to other currencies. As the exchange rate of a country's currency falls, exports become more competitive in other countries, and imports into the country become more and more expensive. Both effects benefit the domestic industry, and thus employment, which receives a boost in demand from both domestic and foreign markets. However, the price increases for import goods are unpopular as they harm citizens' purchasing power; and when all countries adopt a similar strategy, it can lead to a general decline in international trade, harming all countries.
Financial Times Business Book of the Year Award is an annual award given to the best business book of the year as determined by the Financial Times. It aims to find the book that has "the most compelling and enjoyable insight into modern business issues". The award was established in 2005 and is worth £30,000. Beginning in 2010, five short-listed authors each receive £10,000, previously it was £5,000.
Benjamin Strong Jr. was an American banker. He served as Governor of the Federal Reserve Bank of New York for 14 years until his death. He exerted great influence over the policy and actions of the entire Federal Reserve System and indeed over the financial policies of all of the United States and Europe.
David Meyer Wessel is an American journalist and writer. He has shared two Pulitzer Prizes for journalism. He is director of the Hutchins Center on Fiscal & Monetary Policy at the Brookings Institution and a contributing correspondent to The Wall Street Journal, where he worked for 30 years. Wessel appears frequently on National Public Radio's Morning Edition.
Freefall: America, Free Markets, and the Sinking of the World Economy is a book on the causes and consequences of the Great Recession by economist and Nobel laureate Joseph E. Stiglitz, first published in 2010 by W. W. Norton & Company. While focusing on the roots of the financial crisis of 2007–2008 and the subsequent global economic slowdown, which he claims to find mainly in fiscal policy as conducted during the Bush presidency and decisions made by the Federal Reserve, Stiglitz also talks about the failure to cope with the recession during the months succeeding the Wall Street Crash of 2008. Finally, he sketches various schemes as to the possible future of the American economy, vigorously proposing a profound policy shift. In compliance with Stiglitz's general attitude towards economic policy, Freefall contains "proposals to tame the banking sector and to foster a more humanistic style of capitalism in the United States and abroad." According to an assessment written by Larry Elliott for The Guardian, the book "reeks of 'I told you so'." because during the years preceding the crisis, Stiglitz had "warned policy makers repeatedly that the United States was headed toward a deep, painful recession if pre-emptive interventions were not made."
