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Deflation : current and historical perspectives / edited by Richard C.K. Burdekin, Pierre L. Siklos

Published
Cambridge : Cambridge University Press, 2004.
Physical Description
1 online resource (xxii, 359 pages) : digital, PDF file(s).
Additional Creators
Burdekin, Richard C. K. (Richard Charles Keighley), 1958- and Siklos, Pierre L., 1955-
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Contents
Fears of deflation and the role of monetary policy: some lessons and an overview / Richard C.K. Burdekin, Pierre L. Siklos -- PART ONE. FEARS OF DEFLATION AND THE ROLE OF MONETARY POLICY -- Deflation, silent runs, and bank holidays in the great contraction / Hugh Rockoff -- Price change, financial stability, and the British economy, 1870-1939 / Forrest Capie, Geoffrey Wood -- Deflation dynamics in Sweden: perceptions, expectations, and adjustment during the deflations of 1921-1923 and 1931-1933 / Klas Fregert, Lars Jonung -- PART TWO. DEFLATION AND ASSET PRICES -- Boom-busts in asset prices, economic instability, and monetary policy / Michael D. Bordo, Olivier Jeanne -- Deflation, credit, and asset prices / Charles Goodhart, Boris Hofmann -- PART THREE. INTERNATIONAL PERSPECTIVES ON DEFLATION -- Is deflation depressing? Evidence from the classical gold standard / Michael D. Bordo, Angela Redish -- The strong lira policy and deflation in Italy's interwar period / Michele Fratianni, Franco Spinelli -- Deflation and stagnation in Japan: collapse of the monetary tranmission mechanism and echo from the 1930s / Michael M. Hutchison -- PART FOUR. STOCK MARKET ADJUSTMENTS TO DEFLATION -- Deflation, the financial crises of the 1890s, and stock exchange responses in London, New York, Paris, and Berlin / Lance Davis [and others] -- The stock market and the business cycle in periods of deflation, (hyper- ) inflation, and political turmoil: Germany, 1913-1926 / Martin T. Bohl, Pierre L. Siklos -- Deflationary pressures and the role of gold stocks: 1929, 1987, and today / Richard C.K. Burdekin, Marc D. Weidenmier.
Summary
This book was originally published in 2004. Fears of deflation seemed nothing more than a relic of the Great Depression. However, beginning in the 1990s, persistently falling consumer prices have emerged in Japan, China and elsewhere. Deflation is also a distinct possibility in some of the major European area economies, especially Germany, and emerged as a concern of the US Federal Reserve in 2003. Deflation may be worse than inflation not only because the real burden of debt rises but also because firms would confront rising real wages in a world where nominal wage rigidity prevails. This volume explores some key themes regarding deflation including: (i) how economic agents and policy makers have responded to deflation, (ii) the links between monetary policy, goods price movements, and asset price movements, (iii) the impact of deflation under different monetary policy and exchange rate regimes, and (iv) stock market reactions to deflation.
Subject(s)
ISBN
9780511607004 (ebook)
9780521837996 (hardback)
9780521153560 (paperback)
Note
Title from publisher's bibliographic system (viewed on 05 Oct 2015).
View MARC record | catkey: 34834826