Bordo, Michael D.; Erceg, Christopher; Levin, Andrew; … - Center for Financial Studies - 2006
In this paper, we examine three famous episodes of deliberate deflation (or disinflation) in U.S. history, including episodes following the Civil War, World War I, and the Volcker disinflation of the early 1980s. These episodes were associated with widely divergent effects on the real economy,...
