Perils of Price Deflations: An Analysis of the Great Depression. From: Economic Commentary (Cleveland) | Date: February 15, 2001| Author: Carlstrom, Charles T.; Fuerst, Timothy S. | COPYRIGHT 2001 Federal Reserve Bank of Cleveland. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

In the last two decades, central banks within the industrialized world have been remarkably successful at lowering inflation rates. For example, in 1980 the U.S. rate of inflation was 9.3 percent, while in 2000 it was 2.3 percent. [1] This success has led to a new concern--could deflation be a problem?

A deflation is a decline in the level of prices, that is, a negative inflation rate. Two decades ago, worrying about deflation was like worrying about a shortage of pigeon...

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