Aqui fica um gráfico retirado de um artigo do Fed de Dallas e o artigo que acompanha o gráfico:
"The U.S. Great Depression is the textbook example of what can go wrong if policymakers are slow to respond to a deteriorating economy and falling inflation. As shown in Figure 3, the Federal Reserve cut the short-term nominal interest rate from 5 percent in 1929 to ½ percent in late 1932. However, inflation fell even faster. Consequently, the real interest
rate–the difference between the nominal interest rate and the inflation rate–actually increased, rising from 3½ percent in the spring of 1929 to a peak of 15 percent in late 1931 and early 1932. Monetary policy was, effectively, becoming tighter and tighter in the early 1930s, rather than easier and easier.
As a result, industrial output fell by a whopping 50 percent relative to trend. Recovery didn’t begin until 1933, when the Roosevelt administration suspended gold payments and allowed the dollar to depreciate. Inflation rose well above the nominal interest rate, turning the real interest rate sharply negative."
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