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As part of my inflation primer, I hope to dig further into Japan’s post-1990 “inflation” experience, but it does appear to be an interesting example of a fiat currency achieving price level stability. This stabilisation is ignored for two reasons:western mainstream economists are convinced that 2% inflation is the “correct” level for inflation targeting, and they browbeat Japan for “deflation,” andeverybody is predicting the imminent collapse of the Japanese yen into hyperinflation due to “unsustainable” fiscal deficits and “money printing.”Bond EconomicsFive Years Later, Not Much Doom (Yet!)...Brian Romanchuk
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Mike Norman considers the following as important:
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As part of my inflation primer, I hope to dig further into Japan’s post-1990 “inflation” experience, but it does appear to be an interesting example of a fiat currency achieving price level stability. This stabilisation is ignored for two reasons:western mainstream economists are convinced that 2% inflation is the “correct” level for inflation targeting, and they browbeat Japan for “deflation,” andeverybody is predicting the imminent collapse of the Japanese yen into hyperinflation due to “unsustainable” fiscal deficits and “money printing.”Bond EconomicsFive Years Later, Not Much Doom (Yet!)...Brian Romanchuk
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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As part of my inflation primer, I hope to dig further into Japan’s post-1990 “inflation” experience, but it does appear to be an interesting example of a fiat currency achieving price level stability. This stabilisation is ignored for two reasons:
- western mainstream economists are convinced that 2% inflation is the “correct” level for inflation targeting, and they browbeat Japan for “deflation,” and
- everybody is predicting the imminent collapse of the Japanese yen into hyperinflation due to “unsustainable” fiscal deficits and “money printing.”