Bordo, Michael D.; Erceg, Christopher J.; Levin, Andrew T. - 2006
deliberate deflation (or disinflation) in
U.S. history, including episodes following the Civil War, World War I, and the Volcker … history, including the post-Civil War Resumption period of 1866-79; the post World
War I deflation of 1920-22; and the Volcker … extent to which each deflation was
anticipated by economic agents. For the two earlier periods, we construct a proxy for …