Which years suggest a deflation spiral as described in the figure?

Make the argument that if the expected level of inflation had remained anchored at the actual value of inflation in 1929, the great depression would have been less severe?

Make the argument that a substantial fiscal stimulus in 1930 would have made the great depression less severe.

\fTable 1 The Nominal Interest Rate, Inflation, and the Real Interest Rate, 1929-1933 Unemployment Output One-Year One-Year Year Growth Rate Rate (%) Nominal Inflation Rate Real Interest (%) Interest Rate (%), i (%), TT Rate (%), r 1929 3.2 -9.8 5.3 0.0 5.3 1930 8.7 -7.6 4.4 - 2.5 6.9 1931 15.9 - 14.7 3.1 -9.2 12.3 1932 23.6 - 1.8 4.0 - 10.8 14.8 1933 24.9 9.1 2.6 - 5.2 7.8