Excerpt
...elsewhere, even at banks which have not lent money to borrowers affected by deflation. The American economist Irving Fisher first put the concept of debt-deflation forward in the journal Econometrica (pdf) in 1933. His was largely ignored or forgotten...
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Guardian Unlimited
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http://www.guardian.co.uk/commentisfree/2008/oct/13/economy-banking2
Excerpt
...dangerous for an advanced economy, in which debt contracts often have long maturities. As described by Irving Fisher (1933), an episode of deflation can lead to "debt deflation," that is, a substantial rise in the real indebtedness of households and firms,...
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Calculated Risk
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http://feeds.feedburner.com/~r/CalculatedRisk/~3/259446328/mishkin-can-inflation-be-too-low.html
Excerpt
...in aggregate demand and thus more unemployment. The second effect was already expressed in Keynes (1931) and in Irving Fisher (1933) and is known as the "Debt-Deflation Effect". Effectively, if prices decline, then the real value of private wealth increases,...
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Angry Bear
http://angrybear.blogspot.com/2007/01/does-deflation-increase-aggregate.html