. Implemented following a major crisis induced by the deflation of bubbles on asset prices, this policy creates redistributive …

In this paper, I present a unified and micro-founded explanation for various types of inflation without assuming ad hoc … frictions or irrationality. The explanation is similar to the conventional inflation theory in the sense that an independent … central bank can control inflation and also similar to the fiscal theory of the price level in the sense that a source of …

1360s. In the later 14th century, however, first England and then Flanders experienced an equally dramatic deflation, one … mid 15th century, some money wages did slowly rise, while deflation continued – thus indicating other forces at work to … important focus of this paper is that the late-medieval inflations and deflations (including the pronounced deflation preceding …

the optimal one, which appear to be most robust to alternative scenarios of inflation and deflation. … possible rules are consistent with the texts, which diverge in particular in periods of deflation or of negative growth of real …

monetary forces in producing deflation in the second and final quarters of the fourteenth century, but severe inflation in … deflations and intervening inflation – were the most powerful determinant of the level of real wages (i.e., in terms of the …’ by the post-Plague inflation, so that real wages fell. Conversely, the rise of real wages in the second quarter of the …

either England or Flanders, but was instead followed by a quarter century of falling real wages, because rampant inflation … of a combination of institutional wage-stickiness and deflation. In the Low Countries, beset with war-induced and very …, deflation, and ‘wage-stickiness; but then falling once more from the 1460s, because of warfare and debasement-induced inflations …

about 50% of the Flemish; but by the 1480s, they had narrowed that gap (with much less inflation) to about 80%. That gap was …