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The spectre of deflation: a review of empirical evidence

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Abstract:

Abstract. 

What explains the widespread fear of deflation? This article reviews the history of thought, economic history, and empirical evidence on deflation, with a view to answering this question. It also outlines informally the main effects of deflation in applied monetary models. The main finding is that – for both historical and contemporary deflations – there are many open, empirical questions that could be answered using the tools economists use to study inflation and monetary policy more generally.

Keywords: E31

Document Type: Research Article

DOI: https://doi.org/10.1111/j.1540-5982.2006.00381.x

Affiliations: Department of Economics, Queen's University

Publication date: 2006-11-01

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