Down with deflation!
Paul Seabright, 12 December 1996
“... is unambiguously bad for growth but below which it is even slightly beneficial. Another study, by Robert Barro, finds that at levels below 15 per cent the effect on growth, though negative, is statistically insignificant (since the study was published in the Bank of England Quarterly Bulletin, however, its author has thought it prudent to cite the average ... ”