Fixar a base monetária

With a fixed monetary stock, deflation will ensue when the economy expands either in absolute terms or on a per capita basis with productivity gains. In both cases business does do better on average while the wage earner automatically receives higher real wages because of the falling price level even if nominal wages remain constant. There is no need for trade unions and strikes in order to earn higher real wages. Good deflation of this kind presents no immediate risk to companies as long as the decrease of the price level is the result of productivity gains. For business, the real debt burden would rise because of deflation yet in as much as there is deflation, economic activity would also have expanded and likewise the debt capacity of the corporate sector would also have increased.
Antony Mueller