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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Secret_Agent_Man who wrote (188215)8/16/2002 9:15:09 AM
From: Oblomov  Read Replies (1) of 436258
 
you left out a third possibility:

(3) Either we are not on a de facto gold standard or Gibson's Paradox does not hold, thus neither (1) nor (2) must occur by necessity.

Also, if we have true deflation, and the fall in the general price level is greater than the fall in nominal rates, then the real rate will rise. Real rates rose dramatically in the early 30s because of deflation, not because nominal rates rose.
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