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 …

in the risk balance throughout our evaluation period because of the implied amplification of deflation risks. We then …

There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and …, Japan and the euro area appear quite distinct. Documenting and comparing such international business-cycle features can aid …