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Monetary Policy during Very Low Inflation


  • Luboš Komárek


The article summarizes the main points discussed at the seminar on Monetary Policy during Very Low Inflation, held by the Czech Economic Association in June 2003. There were two main speakers at the seminar. The first was Jan Frait (Czech National Bank), who summarized the main ideas of quantitative easing and the role of a central bank during a period of deflation combined with low nominal interest rates. He was also focused on Japan and on an evaluation of its monetary policy of the last ten years. The second speaker Miroslav Singer (PricewaterhouseCoopers) presented the main results from an IMF research into low inflation and its implication for the Czech economy. The presentation was largely based on material available in Czech Economic Association Bulletin no. 46, which can be found at

Suggested Citation

  • Luboš Komárek, 2004. "Monetary Policy during Very Low Inflation," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 54(1-2), pages 64-67, January.
  • Handle: RePEc:fau:fauart:v:54:y:2004:i:1-2:p:64-67

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    More about this item


    deflation; monetary policy; central bank; Japan;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies


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