Recent price developments in the euro area demonstrate that deflation is a serious issue of concern. Some euro area … countries are already facing a deflation in the usual macroeconomic sense of a 'general price decline'. This article discusses … the economic consequences of deflation and suggests that the ECB's expansionary monetary policy was inevitable. …

- deflation or excessive infl ation. Using stochastic simulations, this article extrapolates the likely inflation rates in …

The 1970s saw the recurrence of major turmoil in the international monetary scene in which Japan played no small part …. Japan’s response to past monetary upheavals has always been passive and there were occasions when its passivity and delayed … trace the underlying causes of Japan’s behavioural pattern in an international monetary sphere and identify positive roles …