Deflation

Autorentext
Richard C. K. Burdekin is Jonathan B. Lovelace Professor of Economics at Claremont McKenna College, Claremont, California. His areas of interest include monetary and financial economics, Chinese economics reforms, and inflation and deflation. Professor Burdekin has published four books: Budget Deficits and Economic Performance (with Farrokh K. Langdana), Confidence, Credibility and Macroeconomic Policy (with Farrokh K. Langdana), Distributional Conflict and Inflation (with Paul Burkett), and Establishing Monetary Stability in Emerging Market Economies (edited with Thomas D. Willett, Richard J. Sweeney, and Clas Wihlborg). He has also authored over forty refereed journal articles which have been published in the American Economic Review, the Journal of Economic History, the Journal of International Money and Finance, the Journal of Money, Credit and Banking, and the Review of Economics and Statistics, among other leading publications. Pierre L. Siklos is Professor of Economics at Wilfrid Laurier University, Waterloo, Ontario, Canada, and Associate Director of its Viessmann Centre for the Study of Modern Europe. He specializes in macroeconomics with an emphasis on the study of inflation, central banks, and financial markets and also conducts research in applied time series analysis. Professor Siklos has been a consultant to a variety of institutions and central banks. He is the author of several books, including the leading textbook in Canada on money and banking, and The Changing Face of Central Banking: Evolutionary Trends Since World War II (Cambridge University Press, 2002). He has also published numerous articles in eminent economics journals. Professor Siklos has been a visiting lecturer or fellow at several universities in Europe, North America and New Zealand.

Klappentext
No longer just a relic of the Great Depression, deflation has been established in China and Japan since the 1990s and currently threatens other major economies such as Germany and even the United States. This volume considers why deflation may be worse than inflation and explores how individuals and policymakers have responded to the phenomenon. Monetary and exchange rate regimes as well as stock market reactions play an important part in advancing, or slowing, deflationary trends. The book's coverage ranges from the late nineteenth century to the present day.

Zusammenfassung
Could deflation be worse than inflation? This 2004 collection explores how individuals and policymakers have responded to the phenomenon. Monetary and exchange rate regimes as well as stock market reactions are considered as an important influence upon deflationary trends. The book's coverage ranges from the nineteenth century onwards.

Inhalt
List of tables and figures; List of contributors; Preface; 1. Fears of deflation and the role of monetary policy: some lessons and an overview Richard C. K. Burdekin and Pierre L. Siklos; Part I. Fears of Deflation and the Role of Monetary Policy: 2. Deflation, silent runs, and bank holidays in the great contraction Hugh Rockhoff; 3. Price change, financial stability, and the British economy, 187039 Forrest Capie and Geoffrey Wood; 4. Deflation dynamics in Sweden: perceptions, expectations, and adjustment during the deflations of 192123 and 193133 Klas Fregert and Lars Jonung; Part II. Deflation and Asset Prices: 5. Boom-busts in asset prices, economic instability, and monetary policy Michael D. Bordo and Olivier Jeanne; 6. Deflation, credit and asset prices Charles Goodhart and Boris Hofmann; Part III. International Perspectives on Deflation: 7. Is deflation depressing? Evidence from the classical gold standard Michael D. Bordo and Angela Redish; 8. The strong Lira policy and deflation in Italy's interwar period Michele Fratianni and Franco Spinelli; 9. Deflation and stagnation in Japan: collapse of the monetary transmission mechanism and echo from the 1930s Michael M. Hutchison; Part IV. Stock Market Adjustment to Deflation: 10. Deflation, the financial crises of the 1890s, and Stock Exchange responses in London, New York, Paris, and Berlin Lance Davis, Larry Neal, and Eugene White; 11. The Stock Market and the business cycle in periods of deflation, (hyper-)inflation, and political turmoil: Germany 191326 Martin T. Bohl and Pierre L. Siklos; 12. Deflationary pressures and the role of gold stocks: 1929, 1987 and today Richard C. K. Burdekin and Marc D. Weidenmier; References; Index.

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