Deflation and Depression: Is There and Empirical Link?
University of California, Los Angeles (UCLA) - Department of Economics; National Bureau of Economic Research (NBER)
Patrick J. Kehoe
Federal Reserve Bank of Minneapolis - Research Department; University of Minnesota - Twin Cities - Department of Economics; National Bureau of Economic Research (NBER)
NBER Working Paper No. w10268
Are deflation and depression empirically linked? No, concludes a broad historical study of inflation and real output growth rates. Deflation and depression do seem to have been linked during the 1930s. But in the rest of the data for 17 countries and more than 100 years, there is virtually no evidence of such a link.
Number of Pages in PDF File: 14
Date posted: August 21, 2007
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