The Gold Deflation, France, and the Coming of the Depression, 1919–1932
论文区分了两种价格通缩：一种由成本下降抵消，另一种由利润下降引发。后者常导致产出、收入和就业收缩。研究测量了不同情境下成本通缩与利润通缩的相对量，并指出1891-1896年曾发生过一次国际利润通缩，其影响较轻但预示了1929-1932年的情况。
The dissertation argues for a distinction between two varieties of price deflation, one offset by declining costs, the other induced by declining profits. Where the second type of deflation occurs, the usual result is contraction of output, income, and employment. We can roughly measure the relative amounts of cost and profit deflation underway in different situations. Price declines usually aggravate profit downturns, and in some cases directly cause them. An international profit deflation that (except for its milder consequences) anticipated that of 1929 to 1932 occurred during 1891 to 1896.