The Costs of Deflation: Are they Really so High?

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F15%3A86094416" target="_blank" >RIV/61989100:27510/15:86094416 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
The Costs of Deflation: Are they Really so High?
Original language description
The recent financial crisis raised several challenges for central banks. Monetary policy that was fundamentally based on interest rate regulation was neutralized by a liquidity trap. Central banks started to look for and use unconventional instruments: quantitative easing (QE), negative interest rates, currency floor. The reason for such radical steps was fear of deflation: most economists consider deflation (a fall in the price level) as a very costly development of economies. It seems politicians andcentral bankers are even more afraid of deflation. The Swiss National Bank (SNB) is one of the first central banks that started to use unconventional monetary policy measures. The Czech National Bank (CNB) does not hide it is inspired by SNB in its fightagainst deflation. Are unconventional steps a good way how to avoid deflation and are they necessary? In this context we focus only on a fragment of this very broad area: deflation and growth. Several recent studies confirm that the link
Czech name
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Czech description
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Project
Result was created during the realization of more than one project. More information in the Projects tab.
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year
2015
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
European Financial Systems 2015: proceedings of the 12th international scientific conference
ISBN
978-80-210-7962-5
ISSN
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e-ISSN
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Number of pages
9
Pages from-to
462-471
Publisher name
Masarykova univerzita
Place of publication
Brno
Event location
Brno
Event date
Jun 18, 2015
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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