Down with deflation!
Paul Seabright, 12 December 1996
“... Such crude correlations are, of course, easily misleading. But a recent econometric study by Michael Sarel (admittedly published in that notorious hotbed of irresponsible radicalism, the IMF Staff Papers) argues on the basis of cross-country evidence that inflation appears to have quite different effects when it is low and when it is high. Sarel ... ”