Unlike Volcker, the target of Kuroda resolve to take effective action is not inflation but deflation.
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But deflation that comes from a lack of pricing power and lower final demand is not good.
The 1980s were rough, but deflation then hit hardest those who had overextended during the inflationary 1970s.
But deflation is so far the stuff of imagination, and more likely to remain so than not.
Over the next couple of years, the Bank of Japan increased its annual buying of government bonds to 14.4 trillion yen, but deflation continued.
But such deflation will keep real rates high and exacerbate the growth and fiscal crisis.
If the Federal Reserve were to stop creating new money, the result would be not a stable price level but significant deflation.
But as deflation tightens its grip and the fear of unemployment in the state sector mounts, it may be hard to turn that understanding into policy.
But to nail deflation once and for all, bolder steps by monetary and fiscal authorities are needed.
But what if deflation takes hold and interest rates hit zero?
But recession and deflation have bitten hard: private-sector wages have fallen some 20% in the past three years, and overt unemployment now stands at about 17%.
Japan seems to be stuck in a classic liquidity trap: it needs lower real interest rates to boost demand, but because of deflation they are stuck painfully high.
It is true that, without reform, productivity growth will remain low, but by imposing deflation for longer than necessary across the whole economy, the bank is playing a dangerous game.
Bonds will do great if we have deflation, but they will be decimated in case of inflation.
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This is the surest method of halting deflation, but it is not foolproof.
But we also saw deflation in prices, like the downturn of the 1930s and unlike the inflationary downturn of the 1970s.
Falling prices may have helped the government by providing its bondholders with invisible gains, but in other ways deflation is a menace.
But in reality, deflation is the free-market approach to rectify a secular period of superfluous money supply growth, debt accumulation and asset price appreciation.
The drop in commodity prices may raise the specter of deflation, but gold prices are holding pretty steady, so I doubt this will happen.
The yen's rise demonstrates that Japan most certainly suffered a major bout with deflation, but the dollar's collapse only points to an inflationary episode.
In a serious bout of deflation, a central bank acting alone may fail to halt deflation, but if a central bank and government act jointly they will surely succeed.
So extraordinary was this particular bubble that there really seemed no reason for it at all: the economy was motoring along nicely, and deflation was but a distant memory from the 1930s.
But afraid of a deflation that is quite simply not deflation, the Fed will use all of its powers to prop up the housing and mortgage assets that necessarily need to fall in order for a recovery to take shape.
The central bank, he argues, should focus not simply on the most likely risks to the economy, but also on those dangers, such as deflation in 2003, whose odds may be low but whose costs would be high.
The United States last suffered serious deflation during the Great Depression of the 1930s but Fed policymakers worry more about the threat of deflation any time prices go lower than 2 percent.
This is Mr Bernanke's preferred cure, but it has not stopped deflation in Japan, where long-term bond yields are 0.6%.
But far from evidence of deflation, falling hotel prices merely expand the range of goods visitors to New York can purchase.
But ultimately, this kind of deflation leads to razor-thin profit margins, fewer jobs and a wave of bankruptcies.
Yes, as Milton Friedman documented, the Fed could have but failed to prevent the great deflation during the 1930s.
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