Deflation and depression: is there an empirical link?

Andrew Atkeson and Patrick Kehoe

No 331, Staff Report from Federal Reserve Bank of Minneapolis

Abstract: Are deflation and depression empirically linked? No, concludes a broad historical study of inflation and real output growth rates. Deflation and depression do seem to have been linked during the 1930s. But in the rest of the data for 17 countries and more than 100 years, there is virtually no evidence of such a link.

Keywords: Depressions; Deflation (Finance) (search for similar items in EconPapers)
Date: 2004
New Economics Papers: this item is included in nep-mac, nep-mon and nep-rmg
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Published in American Economic Review> (Vol. 94, No. 2, May 2004, pp. 99-103)

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Journal Article: Deflation and Depression: Is There an Empirical Link? (2004)
Working Paper: Deflation and Depression: Is There and Empirical Link? (2004)
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