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In Defense of Deflation

  • Book
  • © 2015

Overview

Authors:
  1. Philipp Bagus

    1. Economia Aplicada I, Universidad Rey Juan Carlos, Madrid, Spain

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  • Analyses and explains the consequences of price deflation
  • Exposes the myths about deflation and explains the reasons for the deflation phobia
  • Offers a new interpretation of the US deflation in the second half of the 19th century and the German deflation during the Great Depression
  • Includes supplementary material: sn.pub/extras

Part of the book series: Financial and Monetary Policy Studies (FMPS, volume 41)

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Table of contents (6 chapters)

  1. Front Matter

    Pages i-xvii
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  2. Introduction

    • Philipp Bagus
    Pages 1-4

  3. Economic Theories of Deflation

    • Philipp Bagus
    Pages 5-33

  4. Causes of Deflation

    • Philipp Bagus
    Pages 35-83

  5. Consequences and Myths Concerning Deflation

    • Philipp Bagus
    Pages 85-117

  6. Two Historical Examples of Deflation

    • Philipp Bagus
    Pages 119-189

  7. Conclusion

    • Philipp Bagus
    Pages 191-195

  8. Back Matter

    Pages 197-215
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Keywords

About this book

This book analyses the causes and consequences of deflation. In contrast to the widespread belief that deflation would be harmful to the economy as a whole, the author argues that free market deflation is liberating and beneficial. Several myths of deflation are exposed and the reasons for the widespread deflation phobia that serves to justify expansionary monetary policy, i.e., inflation are investigated. Two historical case studies, the growth deflation in the US after the Civil War and the bank credit deflation in Germany during the Great Depression are discussed to illustrate the points made in the theoretical analysis of deflation.

Authors and Affiliations

  • Economia Aplicada I, Universidad Rey Juan Carlos, Madrid, Spain

    Philipp Bagus

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