, shifted the inflation barrier to higher rates of unemployment in the 1970s. Subsequently, the decrease in trade union power … has reversed this shift such that at the end of the period, in 2003:3, the inflation barrier is at a rate of unemployment …

Deflation is currently considered as one of the most important threats for macroeconomic dynamics and, thus, it is … that deflation periods necessarily go hand in hand with recessions. Thus, costs of deflation might be much lower than … typically assumed. If for monetary policy makers, a possible conflict of interests between the avoidance of deflation and the …

additional instrument for easing the monetary conditions in order to avoid the long-term undershooting of the inflation target … country has a very bad experience with deflation. In the first part the deflation and its “good” and “bad” versions are … deflation connected with economic recession. In the third part the influence of the Great Depression and of the end of the …

. Deflation subsided by 2005. As soon as inflation appeared to stabilize near a rate of zero, the Bank of Japan rapidly reduced …

in mid 70s and late 80s (USA 2007), namely Japan, is performed. The definition and role of money in the economy in its …

Many central banks target an inflation rate near two percent. This essay argues that policymakers would do better to … target four percent inflation. A four percent target would ease the constraints on monetary policy arising from the zero … cost, because four percent inflation does not harm an economy significantly. …