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Deflation: Current and Historical Perspectives
     

Deflation: Current and Historical Perspectives

by Richard C. K. Burdekin, Pierre L. Siklos, Angela Redish
 

ISBN-10: 0521837995

ISBN-13: 9780521837996

Pub. Date: 09/15/2004

Publisher: Cambridge University Press

No longer just a relic of the Great Depression, deflation has been established in China and Japan since the 1990s and currently threatens other major economies such as Germany and even the United States. This volume considers why deflation may be worse than inflation and explores how individuals and policymakers have responded to the phenomenon. Monetary and

Overview

No longer just a relic of the Great Depression, deflation has been established in China and Japan since the 1990s and currently threatens other major economies such as Germany and even the United States. This volume considers why deflation may be worse than inflation and explores how individuals and policymakers have responded to the phenomenon. Monetary and exchange rate regimes as well as stock market reactions play an important part in advancing, or slowing, deflationary trends. The book's coverage ranges from the late nineteenth century to the present day.

Product Details

ISBN-13:
9780521837996
Publisher:
Cambridge University Press
Publication date:
09/15/2004
Series:
Studies in Macroeconomic History Series
Pages:
384
Product dimensions:
6.30(w) x 9.00(h) x 1.10(d)

Table of Contents

List of tables and figures; List of contributors; Preface; 1. Fears of deflation and the role of monetary policy: some lessons and an overview Richard C. K. Burdekin and Pierre L. Siklos; Part I. Fears of Deflation and the Role of Monetary Policy: 2. Deflation, silent runs, and bank holidays in the great contraction Hugh Rockhoff; 3. Price change, financial stability, and the British economy, 1870-1939 Forrest Capie and Geoffrey Wood; 4. Deflation dynamics in Sweden: perceptions, expectations, and adjustment during the deflations of 1921-1923 and 1931-1933 Klas Fregert and Lars Jonung; Part II. Deflation and Asset Prices: 5. Boom-busts in asset prices, economic instability, and monetary policy Michael D. Bordo and Olivier Jeanne; 6. Deflation, credit and asset prices Charles Goodhart and Boris Hofmann; Part III. International Perspectives on Deflation: 7. Is deflation depressing? Evidence from the classical gold standard Michael D. Bordo and Angela Redish; 8. The strong Lira policy and deflation in Italy's interwar period Michele Fratianni and Franco Spinelli; 9. Deflation and stagnation in Japan: collapse of the monetary transmission mechanism and echo from the 1930s Michael M. Hutchison; Part IV. Stock Market Adjustment to Deflation: 10. Deflation, the financial crises of the 1890s, and Stock Exchange responses in London, New York, Paris, and Berlin Lance Davis, Larry Neal, and Eugene White; 11. The Stock Market and the business cycle in periods of deflation, (hyper-)inflation, and political turmoil: Germany 1913-1926 Martin T. Bohl and Pierre L. Siklos; 12. Deflationary pressures and the role of gold stocks: 1929, 1987 and today Richard C. K. Burdekin and Marc D. Weidenmier; References; Index.

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