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Einige Anmerkungen zum Wesen der Deflation aus Sicht der Finanzstabilität

Author

Listed:
  • Bleich Dirk

    (Deutsche Bundesbank, Wilhelm-Epstein-Straße 14, 60431 Frankfurt)

  • Bleich Torsten

    (Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Friedrich-Ebert-Straße 30,78054 Villingen-Schwenningen)

  • Fendel Ralf

    (WHU – Otto Beisheim School of Management, Burgplatz 2, 56179 Vallendar)

Abstract

Deflation is currently considered as one of the most important threats for macroeconomic dynamics and, thus, it is argued that it should be avoided by all available means. We challenge this view because empirically it cannot be verified that deflation periods necessarily go hand in hand with recessions. Thus, costs of deflation might be much lower than typically assumed. If for monetary policy makers, a possible conflict of interests between the avoidance of deflation and the safeguarding of financial stability emerges - for example in the case of excessive credit growth - an increase in the interest rate despite deflations fears might be acceptable in the particular scenario.

Suggested Citation

  • Bleich Dirk & Bleich Torsten & Fendel Ralf, 2013. "Einige Anmerkungen zum Wesen der Deflation aus Sicht der Finanzstabilität," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 62(2), pages 143-158, August.
    • Handle: RePEc:lus:zwipol:v:62:y:2013:i:2:p:143-158
    DOI: 10.1515/zfwp-2013-0203
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