The spectre of deflation: a review of empirical evidence

Gregor Smith

Canadian Journal of Economics, 2006, vol. 39, issue 4, 1041-1072

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.

JEL-codes: E31 (search for similar items in EconPapers)
Date: 2006
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Journal Article: The spectre of deflation: a review of empirical evidence (2006)
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