Beyond current policy frameworks

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