ments so far, but they are certainly less harmful. As argued by Pierre Fortin, public opinion is starting to reflect the reality that “promised ‘large benefits’ from zero inflation are actually a mirage and that the ‘small’ unemployment costs are actually huge.” This opinion has been voiced particularly loudly by Japan and France. And unless the elusive benefits of zero inflation soon manifest themselves, it is only a matter of time before the rest of the ‘no inflation’ pack realises they are barking up the wrong tree. ...
