Why Did Prices Rise in the 1930s?
研究了1933-1941年间美国经济低迷时物价却上涨的现象，发现实际产出快速增长是主因，而国家工业复兴法（NIRA）通过鼓励最低工资和合谋定价削弱了通常的偏离趋势效应，两者共同导致通胀。
Prices rose in most years between 1933 and 1941 even though output was substantially below trend. This inflation cannot be explained as simply the effect of devaluation and changes in expectations. Rather, because prewar price changes depended significantly on the growth rate of real output, the extraordinarily rapid growth after 1933 was an important force leading to inflation. At the same time, the NIRA, by encouraging minimum wages and collusive pricing arrangements, caused a crucial diminution of the usual deviation-from-trend effect. The conjunction of these forces caused inflation at a time when the U.S. economy remained depressed.