Risque de déflation par la dette en Europe et aux États-Unis. Quelques observations

Anton Brender and Florence Pisani

Revue de l'OFCE, 2003, vol. 86, issue 3, 31-41

Abstract: Concerns about possible deflation have surfaced recently. In this paper, we explore those risks and underline that there is no need for inflation to approach zero for a highly indebted economy to fall into deflation. We compare economic policy reactions in the US and euro area today and in Japan at the beginning of the 90s. We conclude that debt deflation is a distinct possibility in the euro area.

Date: 2003
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