On 18-19 June 2004, the BIS held a conference on "Understanding Low Inflation and Deflation". This
event brought together central bankers, academics and market practitioners to exchange views on this
issue (see the conference programme in this document). This paper was presented at the workshop.
The views expressed are those of the author(s) and not those of the BIS.
JEL classification: J31, J52
Keywords: inflation, inflation persistence, Monetary Policy Regimes
The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks.