This book was originally published in 2004. Fears of deflation
seemed nothing more than a relic of the Great Depression. However,
beginning in the 1990s, persistently falling consumer prices have
emerged in Japan, China and elsewhere. Deflation is also a distinct
possibility in some of the major European area economies,
especially Germany, and emerged as a concern of the US Federal
Reserve in 2003. Deflation may be worse than inflation not only
because the real burden of debt rises but also because firms would
confront rising real wages in a world where nominal wage rigidity
prevails. This volume explores some key themes regarding deflation
including: (i) how economic agents and policy makers have responded
to deflation, (ii) the links between monetary policy, goods price
movements, and asset price movements, (iii) the impact of deflation
under different monetary policy and exchange rate regimes, and (iv)
stock market reactions to deflation.
General
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