Concerns about possible deflation have surfaced recently. In this paper, we explore those risks and underline that there is no need for inflation to approach zero for a highly indebted economy to fall into deflation. We compare economic policy reactions in the US and euro area today and in Japan...

[eng] The « Soft Landing » of the Americain Economy : Toward a New Regulation Scheme of the Monetary Policy Anton Brender, Florence Pisani Looking at US monetary policy from 1950 onwards shows it has seldom been pre-emptive. Without any visible inflationary pressures the Fed, howerer, raised...