And Yet It Moves: Inflation and the Great Recession
by David Miles, Ugo Panizza, Ricardo Reis, Ángel Ubide
Published in 19th Geneva Report on the World Economy, CEPR via VoxEU
Abstract
Over the last decade, the developed world has been hit by the deepest recession since the Great Depression and a rollercoaster in commodity prices. And yet, core inflation has been both low and fairly stable. The 19th Geneva Report on the World Economy asks whether it was good policy or good luck that prevented severe deflation and kept inflation relatively steady.
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