Working Paper

Deflation und Konsumstau: Mikroökonomische Evidenz


  • Klodt
  • H.
  • Hartmann
  • A.
Publication Date

Deflation is said to dampen aggregate demand because consumers would defer purchases while waiting for prices to fall further in the future. We explore the validity of this reasoning at the level of individual goods. Our findings suggest that the widespread concerns about impaired aggregate consumption by deflation might lack a sound microeconomic foundation.


JEL Classification
E31, D12

Key Words

  • consumer price statistics
  • deflation
  • postponed consumption