type="main" xml:lang="en" <title type="main">SUMMARY</title> </section> <title type="main">Deflations</title> <p> Inflation is currently low and stable in industrialized countries, but might deflation replace inflation as a major policy concern? We present a broad cross-country historical study of deflation over the past two centuries in order to shed light on...</p>

What does the historical record tell us about how to conduct monetary policy in a deflationary environment? We present a broad cross-country historical study of deflation over the past two centuries in order to shed light on current policy challenges. We first review the theoretical literature...

Many monetary economists have come to regard the monetary aggregates as obsolete measures of the monetary policy stance. This critique has led some to view money as having lost its central role in the conduct of monetary policy. We say to those advocating excising money from monetary policy,...