The deflation experienced by the United States after the Civil War is notable not only for its long duration but also the controversy attached to the decision to resume specie payments only in gold, thereby abandoning the pre-war bimetallic system that had allowed for free coinage into both gold...

Narratives that portray macroeconomic policies in Japan as unlike ones pursued in other large economies persist. I revisit how several factors, including monetary, fiscal, and demographic factors impact Japan, the US, and the euro area. Panel VARs driven by factors or observed macroeconomic...