credit institutions to maintain and expand their lending to clients, and (iv) improving market liquidity in important …

credit institutions to maintain and expand their lending to clients, and (iv) improving market liquidity in important …

increased, we find that, as of September 2002, with the exception of Japan there is no evidence of substantial deflation risks …. We also put the estimates of deflation risk for the United States, Germany and Japan into historical perspective. We find … that only for Japan there is evidence of deflation risks that are unusually high by historical standards. JEL …