Keyword: «deflation in russia in 1992–99»

Deflation is one of the interesting economic phenomena. However, researchers do not indulge in deflationary processes that periodically occur in the economic history of a country. The reason is quite simple – deflation is seen as a direct antipode of inflation, associated with a general decline in prices in the national economy. It seems to us that this is a certain simplification. The real processes taking place, for example, in the economy of modern Japan for the last 25–30 years, make us treat deflation as an independent economic problem. For this, the author proposes to use the understanding of deflation as a specific type of macroeconomic imbalance, which has multiple forms of its manifestation, depending on the specific conditions of the country in a particular period of time. This article consistently implements precisely this approach to deflationary processes. We are dealing with excess demand in the money market, which is accompanied by at least four specific types of imbalances in other macroeconomic markets (goods and labor, respectively). On the basis of empirical material on the Russian, American and Japanese economies during periods of deflation, the work describes in detail the causal relationships between macroeconomic markets, which give specificity to deflationary processes in these countries over the past two hundred years. The systematization of deflation types proposed in the article makes it possible to better understand the causes of specific deflation in a particular economy, which will undoubtedly make it easier for subjects of macroeconomic regulation to understand how this “disease” of the national economy can be overcome with lower economic costs.