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Studies in Macroeconomic History : Deflation: Current and Historical Perspectives - Richard C. K. Burdekin

Studies in Macroeconomic History

Deflation: Current and Historical Perspectives

By: Richard C. K. Burdekin (Editor), Pierre L. Siklos (Editor)

Paperback Published: 10th June 2010
ISBN: 9780521153560
Number Of Pages: 384

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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.

Review of the hardback: 'Slow deflation was once a widely espoused policy goal in its own right, and it still has its supporters. Perhaps more important, potentially deflationary accidents are bound to happen from time to time in a world that has settled for low inflation, because not all shocks emanate from monetary policy. This volume is an indispensable source of wisdom on the variety that deflationary episodes have displayed in the past, and on the many intellectual and practical challenges that they have presented to economists. Burdekin and Siklos are to be congratulated on a collection of essays that is historically illuminating, intellectually challenging, and of current policy relevance, too.' David Laidler, University of Western Ontario, Canada
Review of the hardback: 'In this volume, a distinguished set of scholars make important contributions to monetary history and to a number of contemporary policy debates including the role, if any, asset prices should play in setting monetary policy, the use of exchange rates as nominal anchors and whether Japan has fallen into a Keynesian liquidity trap. The contributors provide strong support for inflation targeting to avoid not only high inflation, but deflation as well.' Thomas Willett, The Claremont Colleges
"...editors Burdekin and Siklos, both economists, provide an overview, define deflation, offer reasons why it is a policy concern, and describe past and recent deflationary events." E.L. Whalen, formerly, Clark College, CHOICE
"it is a welcome addition to the literature for those interseted in monetary economics or those wanting an enhanced historical perpective on recent policy debates." - Kris James Mitchener, Santa Clara University

List of tables and figures
List of contributors
Preface
Fears of deflation and the role of monetary policy: some lessons and an overview
Fears of Deflation and the Role of Monetary Policy
Deflation, silent runs, and bank holidays in the great contraction
Price change, financial stability, and the British economy, 1870-1939
Deflation dynamics in Sweden: perceptions, expectations, and adjustment during the deflations of 1921-1923 and 1931-1933
Deflation and Asset Prices
Boom-busts in asset prices, economic instability, and monetary policy
Deflation, credit and asset prices
International Perspectives on Deflation
Is deflation depressing? Evidence from the classical gold standard
The strong Lira policy and deflation in Italy's interwar period
Deflation and stagnation in Japan: collapse of the monetary transmission mechanism and echo from the 1930s
Stock Market Adjustment to Deflation
Deflation, the financial crises of the 1890s, and Stock Exchange responses in London, New York, Paris, and Berlin
The Stock Market and the business cycle in periods of deflation, (hyper-)inflation, and political turmoil: Germany 1913-1926
Deflationary pressures and the role of gold stocks: 1929, 1987 and today
References
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521153560
ISBN-10: 0521153565
Series: Studies in Macroeconomic History
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 384
Published: 10th June 2010
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.9 x 15.2  x 2.2
Weight (kg): 0.56

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