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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)

Hardcover Published: 21st January 2015
ISBN: 9780521837996
Number Of Pages: 384

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Until recently 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 euro 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.

'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 '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

Fears of deflation and the role of monetary policy: some lessons and an overview
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 1921-23 and 1931-33
Boom-busts in asset prices, economic instability, and monetary policy
Deflation, credit and asset prices
Is deflation depressing? evidence from the classical gold standard
The strong lira policy and deflation in Italy's inter-war period
Deflation and stagnation in Japan: collapse of the monetary transmission mechanism and echo from the 1930s
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
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521837996
ISBN-10: 0521837995
Series: Studies in Macroeconomic History
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 384
Published: 21st January 2015
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 23.6 x 16.1  x 2.6
Weight (kg): 0.64

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