Deflation und Konsumstau: Mikroökonomische Evidenz
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Deflation und Konsumstau: Mikroökonomische Evidenz
Klodt, Henning | Hartmann, Anna
Credit and Capital Markets – Kredit und Kapital, Vol. 47 (2014), Iss. 3 : pp. 397–414
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Prof. Dr. Henning Klodt, Institut für Weltwirtschaft, Zentrum Wirtschaftspolitik, Kiellinie 66, 24105 Kiel.
Anna Hartmann, Institut für Weltwirtschaft, Praktikantin am Zentrum Wirtschaftspolitik des Instituts für Weltwirtschaft.
Abstract
Deflation and Postponed Consumption: the Micro-evidence
Deflation is said to dampen aggregate demand because consumers would defer purchases while waiting for prices to fall further in the future. We explore the validity of this reasoning at the level of individual goods, based on a new data set derived from German consumer price statistics. We find a number of goods where prices have actually been falling, but we find only limited evidence for related declines in demand. Our findings suggest that the widespread concerns about impaired aggregate consumption by deflation might lack a sound microeconomic foundation.
Table of Contents
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| Deflation und Konsumstau: Mikroökonomische Evidenz | 1 |