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How to Cure Deflation Phobia?

In: A Global Monetary Plague

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  • Brendan Brown

Abstract

Under monetary stability, there would be short periods and some longer periods during which many prices and some wages would fall significantly. Symmetrically, there would be some short and some long periods during which the overall thrust of prices would be upward. This would all be consistent with a fixed anchor to prices in the very long run. These fluctuations in “the general level of prices” over time are essential to the invisible hand of the market operating powerfully and efficiently.

Suggested Citation

  • Brendan Brown, 2015. "How to Cure Deflation Phobia?," Palgrave Macmillan Books, in: A Global Monetary Plague, chapter 4, pages 102-126, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-47885-6_5
    DOI: 10.1057/9781137478856_5
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