Deflation has replaced inflation as the principal challenge for monetary policy in many countries. But influential voices question whether deflation is properly seen as a problem for economic growth and financial stability. They question whether recent experience with deflation is more than a...

We construct a simple probit model of the determinants of real house price slump endings.  We find that the probability of a house price slump ending is higher, the smaller was the pre-slump house price run-up; the greater has been the cumualtive house price decline; the lower are real mortgage...

We construct a simple probit model of the determinants of real house price slump endings. We find that the probability of a house price slump ending is higher, the smaller was the pre-slump house price run-up; the greater has been the cumulative house price decline; the lower are real mortgage...