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Technology Stocks : Winstar Comm. (WCII)
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To: dougjn who wrote (8481)10/5/1998 9:53:00 PM
From: Bernard Levy  Read Replies (1) of 12468
 
Hi Doug:

I am not sure that studying pre-WWII deflationary recessions
will help you that much since: a) government spending
was quite small during that period, so that government
could not impact demand as significantly as today (in
essence, counter-cyclical policies such as unemployment
insurance are hard-wired into the system), and b)
economic understanding of deflation was not as good as
today-- both monetarists and Keynesian economists have
now ready-made prescriptions for a deflationary environment--
it is just unfortunate the Japanese have in effect applied
the opposite of these prescriptions when they raised taxes
last year.

Best regards,

Bernard Levy
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