Bordo, Michael D.; Erceg, Christopher J.; Levin, Andrew T. - 2006
reducing inflation.
In this paper, we examine three famous episodes of deliberate deflation or disinflation in U.S.
monetary …
highly persistent rise in nominal rates in the face of rapidly shifting expectations about inflation
(i.e., towards deflation … deliberate deflation (or disinflation) in
U.S. history, including episodes following the Civil War, World War I, and the Volcker …