There are three possible price movements in a market economy: stability, inflation, and deflation. Inflation and deflation are defined in this article as changes in the purchasing power of money caused by the money creation. Inflation and deflation have many asymmetric, and even some symmetric,...

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...