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....

This paper examines episodes of current account adjustment in industrial countries over the past 30 years. We find that they were typically associated with a sizeable slowdown in domestic growth and a large exchange rate depreciation. There was no discernable change in the nature of capital...

We test whether the time-series positive correlation of inflation and intermarket relative price variability is also present in a cross section of U.S. cities. We find this correlation to be a robust empirical regularity: cities that have higher than average inflation also have higher than...

The authors test whether the time-series positive correlation of inflation and intermarket relative price variability is also present in a cross section of U.S. cities. They find this correlation to be a robust empirical regularity: cities that have higher than average inflation also have higher...

We test whether the time-series positive correlation of inflation and intermarket relative price variability is also present in a cross-section of US cities. We find this correlation to be a robust empirical regularity: cities which have higher than average inflation also have higher than...

Capital controls have resulted in the creation of numerous offshore non-deliverable forward (NDF) markets for Asian currencies. The Australian experience in the 1970s and early 1980s indicates that an NDF market may facilitate a smooth transition to a fully convertible currency