Peak Trough Duration % Change % Change
Date Date (months) of fall nominal real
Apr-1875 Jun-1877 26 -41.3 -32.4§
Jun-1881 Jan-1885 43 -35.6 -25.9§
Sep-1902 Mar-1904 18 -26.8 -28.4§
Sep-1906 Nov-1907 14 -37.7 -40.3§
Nov-1916 Dec-1917 13 -33.4 -44.1§
Oct-1919 Aug-1921 22 -31.9 -30.4§
Sep-1929 Jun-1932 33 -84.8 -80.6§
Feb-1937 Apr-1938 14 -45.4 -45.8§
Apr-1946 Jun-1949 38 -25.1 -42.4§
Jul-1957 Dec-1957 5 -16.9 -17.7§
Dec-1961 Jun-1962 6 -22.5 -23.0§
Jan-1966 Oct-1966 9 -17.3 -19.9§
Jan-1973 Dec-1974 23 -43.4 -53.4§
Nov-1980 Jul-1982 20 -19.4 -29.2§
Aug-1987 Dec-1987 4 -26.8 -27.7§
Jun-1990 Oct-1990 4 -14.8 -17.0§
Apr-2000 Sep-2001 18 -31.3 -38.2§
Average -32.6§-35.1
Date Date (months) of fall nominal real
Apr-1875 Jun-1877 26 -41.3 -32.4§
Jun-1881 Jan-1885 43 -35.6 -25.9§
Sep-1902 Mar-1904 18 -26.8 -28.4§
Sep-1906 Nov-1907 14 -37.7 -40.3§
Nov-1916 Dec-1917 13 -33.4 -44.1§
Oct-1919 Aug-1921 22 -31.9 -30.4§
Sep-1929 Jun-1932 33 -84.8 -80.6§
Feb-1937 Apr-1938 14 -45.4 -45.8§
Apr-1946 Jun-1949 38 -25.1 -42.4§
Jul-1957 Dec-1957 5 -16.9 -17.7§
Dec-1961 Jun-1962 6 -22.5 -23.0§
Jan-1966 Oct-1966 9 -17.3 -19.9§
Jan-1973 Dec-1974 23 -43.4 -53.4§
Nov-1980 Jul-1982 20 -19.4 -29.2§
Aug-1987 Dec-1987 4 -26.8 -27.7§
Jun-1990 Oct-1990 4 -14.8 -17.0§
Apr-2000 Sep-2001 18 -31.3 -38.2§
Average -32.6§-35.1