27 - Claudio Borio on Financial Stability, the Triffin Dilemma, and International Monetary Policy
Macro Musings with David Beckworth
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The Inbred Fear of Deflation
During that period there were a few bad episodes, but on average, a real g d p grew almost four %. And had the fad been less earful of the disinflationary or even deflationary pressures during that time, they may have been sooner to raise interest rates than they did. The irony in all this is that, as we had discussed in a number of papers number of years ago, actually lead too strongly against the good deflations may set up, may paradoxically, lead to bad deflated r further the road.
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