Gold-standard deflation from 1873-1896 raised the real value of nominal claims 22-44% despite falling prices, showing reservation inflation separate from circulation inflation under constrained money issuance.
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The Reservation Inflation of Hard Money: Gold-Standard Deflation and the Real Expansion of Nominal Claims, 1873-1896
Gold-standard deflation from 1873-1896 raised the real value of nominal claims 22-44% despite falling prices, showing reservation inflation separate from circulation inflation under constrained money issuance.