というNBER論文をコロンビア大のギレルモ・カルボ(Guillermo A. Calvo)が書いている。原題は「From Chronic Inflation to Chronic Deflation: Focusing on Expectations and Liquidity Disarray Since WWII」。 以下はその要旨。 The paper discusses policy relevant models, going from (1) chronic inflation in the 20th century after WWII, to (2) credit sudden stop episodes that got exacerbated in Developed Market economies after the 2008 Lehman crisis, and