Costs of Deflations (Borio et al.)

The costs of deflations: a historical perspective by Claudio Borio, Magdalena Erdem, Andrew Filardo and Boris hofmann published by BIS (3/2015). “…We fail to uncover evidence that high debt has so far raised the cost of goods and services price deflations, in so-called debt deflations. The most damaging interaction appears to be between property price deflations and private debt…”

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