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: E30, E31, E32, E50, E52, E60, E63
Keywords: deflation, asset prices, price level targets, financial stability,
Japanese monetary and fiscal policies
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.