I’m not convinced that the entire 1920s was just a fake boom. The Newman paper above is helpful. Jeff Herbener also notes that people who claim inflationism got us out of the depression of 1920-21 are wrong: https://tomwoods.com/was-the-fed-expansionary-from-1921-1924/
There is definitely some Fed inflation in the 1920s, but I don’t think it invalidates all the prosperity of the period.
