Filardo, Andrew; Borio, Claudio E. V. - Bank for International Settlements (BIS) - 2004
The rhetoric of deflation has become more prevalent in policy circles and in the press despite the fact that deflation … has been a rare phenomenon in modern fiat currency economies. To better understand the nature of deflation, this paper … looks back to a period when deflation was a regular feature of the economic environment, across both time and a wide set of …