| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10833 |
| 来源ID | Working Paper 10833 |
| Deflation and Monetary Policy in a Historical Perspective: Remembering the Past or Being Condemned to Repeat It? | |
| Michael D. Bordo; Andrew Filardo | |
| 发表日期 | 2004-10-11 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | What does the historical record tell us about how to conduct monetary policy in a deflationary environment? We present a broad cross-country historical study of deflation over the past two centuries in order to shed light on current policy challenges. We first review the theoretical literature on deflation. We then characterize deflation by distinguishing among the "good, the bad and the ugly" ones - considering both empirical determinants and historical narratives of each type. Emphasis is put on the linkages between the current inflation environment and that of the gold standard period. Particular attention is also put on what the historical record reveals about policies to escape undesirable deflation. In this regard we develop a policy typology based on the relative merits of interest rate and monetary instruments in combating different types of inflation/deflation behavior. |
| 主题 | Macroeconomics ; Business Cycles ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w10833 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568466 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Andrew Filardo. Deflation and Monetary Policy in a Historical Perspective: Remembering the Past or Being Condemned to Repeat It?. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10833.pdf（656KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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