Compared to the US, Switzerland has been a low inflation country, but the recent turn to deflation smacks a lot of too low NGDP growth.
Articles by Marcus Nunes
About the Author
In December 1985, Thomas Sargent spent some time in Brazil, giving speeches and talking to policymakers. Back home in January 1986, he published in the WSJ an Open Letter to the Brazilian Finance Minister: …When you have exhausted all of your opportunities to borrow, you will have to make one or more of unpleasant adjustments such as taxes rises, government expenditures cuts or default on some of you debt…
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