How to Cure Deflation Phobia?

Brendan Brown

Chapter 4 in A Global Monetary Plague, 2015, pp 102-126 from Palgrave Macmillan

Abstract: Abstract Under monetary stability, there would be short periods and some longer periods during which many prices and some wages would fall significantly. Symmetrically, there would be some short and some long periods during which the overall thrust of prices would be upward. This would all be consistent with a fixed anchor to prices in the very long run. These fluctuations in “the general level of prices” over time are essential to the invisible hand of the market operating powerfully and efficiently.

Keywords: Interest Rate; Nominal Interest Rate; Great Recession; Nominal Wage; Price Decline (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-47885-6_5

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DOI: 10.1057/9781137478856_5

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