Bordo, Michael; Erceg, Christopher; Levin, Andrew; … - Center for Financial Studies - 2007
with widely divergent effects on the real economy, which we attribute both to differences in the policy actions undertaken …In this paper, we examine three famous episodes of deliberate deflation (or disinflation) in U.S. history, including … episodes following the Civil War, World War I, and the Volcker disinflation of the early 1980s. These episodes were associated …