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The recession of 1920-21 was an extremely sharp deflationary recession in the United States. The extent of the deflation was not only large, but large
The recession of 1920-21 was an extremely sharp deflationary recession in the United States. The extent of the deflation was not only large, but large relative to the accompanying decline in real product. If prices had been less flexible downward, A the decline in real GDP would have been no different B the decline in real GDP would have been larger C the decline in real GDP would have been smaller
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