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Publications [#239113] of Gianni Toniolo

Journal Articles

  1. Faini, R; Toniolo, G, Reconsidering Japanese deflation during the 1920s, in Explorations in Economic History, Explorations in Economic History, vol. 29 no. 2 (January, 1992), pp. 121-143, Elsevier BV, ISSN 0014-4983 [doi]
    (last updated on 2021/02/25)

    This paper takes issue with a mainstream view according to which the alleged poor performance of the Japanese economy during the 1920s was the result of the deflationary macroeconomic policies: such policies were repeatedly announced but not implemented until 1929. Price deflation is explained with a model showing that the announcement of a future appreciation of the exchange rate will lead to a decline in the price level. Both in international perspective and in light of later Japanese events, it is difficult to hold a negative view of the inability of Japanese governments to implement consistent deflationary policies during the 1920s. © 1992.

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