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Deflation and Depression: Is There an Empirical Link?

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  • Andrew Atkeson
  • Patrick J. Kehoe
Abstract
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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Andrew Atkeson & Patrick J. Kehoe, 2004. "Deflation and Depression: Is There an Empirical Link?," American Economic Review, American Economic Association, vol. 94(2), pages 99-103, May.
    • Handle: RePEc:aea:aecrev:v:94:y:2004:i:2:p:99-103
    Note: DOI: 10.1257/0002828041301588
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    More about this item

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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