This collection of seminal papers examines how economies behave under deflationary conditions. The volumes cover both theoretical and empirical aspects of this important subject. The editor presents articles exploring whether, and under what conditions, deflation can lead to beneficial economic outcomes, and also articles emphasizing that deflation should be avoided at all costs. Further sections examine specialized topics of the economics of deflation including wage rigidities, the liquidity trap, and the zero lower bound of interest rates. A selection of important case studies of economies in deflation completes this comprehensive collection.

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