Amid protracted deflation over this long period, medium- to long-term inflation expectations declined, and consequently, a sense that prices would not increase became entrenched. Under these circumstances, firms’ incentives to launch new initiatives through investing in business facilities and in research and development became reduced, because the holding of cash or deposits became a relatively better investment strategy.
75 (July), pp. 1175–89. On triangulation, see Robert Bogdan and Sari Knopp Biklen (2006), Qualitative Research in Education: An Introduction to Theory and Methods, 5th ed. (Boston: Pearson Allyn & Bacon). 4 See Richard H. Clarida (2018), “Data Dependence and U.S. Monetary Policy,” speech delivered at the Clearing House and the Bank Policy Institute Annual Conference, New York, November 27, https://www.federalreserve.gov/newsevents/speech/clarida20181127a.htm.