America is not in danger of deflation

ARTICLE - For most of the postwar era, deflation has been off on the radar screen of economic policymakers in the industrialised world. The United States has not experienced a sustained fall in prices since the Great Depression. Fighting inflation, not deflation, has been the main goal of most central banks. Yet today's newspapers are filled with claims that a ruinous 1930s-style deflation lies just ahead.

Written by Glenn Hubbard, chairman of the US president's council of economic advisers, and

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