Clarifying the debate about deflation concerns

Mickey Levy, 21 February 2014

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A common theme among many economic policymakers, financial market participants, and the media is that rich industrialised nations face a high risk of deflation, and that deflation always harms economic performance and so must be combatted with aggressive macroeconomic stimulus. Such broad assessments are misleading, and under certain circumstances may lead to misguided policies.

Topics: Global crisis, Monetary policy
Tags: deflation, disinflation, Europe, eurozone, Japan, quantitative easing, US

Is the Phillips curve alive and well after all? Inflation expectations and the missing disinflation

Olivier Coibion, Yuriy Gorodnichenko, 15 November 2013

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“Prior to the recent deep worldwide recession, macroeconomists of all schools took a negative relation between slack and declining inflation as an axiom. Few seem to have awakened to the recent experience as a contradiction to the axiom.” (Bob Hall, 2013.)

Topics: Global crisis, Monetary policy
Tags: disinflation, expectations, global crisis, Great Recession, inflation, oil, Phillips curve

Deflation or disinflation?

Robert Ophèle, 11 February 2009

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Inflation refers to a sustained increase in the general price level in an economy. It is not an instantaneous shock limited to the prices of certain goods. It is a persistent and general process.

Topics: Monetary policy
Tags: deflation, disinflation, France

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