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WP 2009-8 What is Driving Global Deflation and How Best to Fight It?

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Abstract

The massive US stimulus that has just been enacted is liable to raise questions sooner or later about the viability of the dollar in financial markets. It is true that no currency today – or, in the foreseeable future - seems capable of providing a safer alternative to the dollar, but that should not be a cause for complacency. A panicky rush into gold out of the dollar is always possible, and that can turn the current slump into a great depression worse than the last.

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  • Korkut Ertürk, 2009. "WP 2009-8 What is Driving Global Deflation and How Best to Fight It?," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2009-8, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  • Handle: RePEc:epa:cepawp:2009-8
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    File URL: http://www.economicpolicyresearch.org/scepa/publications/workingpapers/2009/SCEPA_Working_Paper_2009-8.pdf
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    Keywords

    financial markets; economic crisis; stimulus;

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