zero. The paper shows that declining nominal prices were a rather common phenomenon during this period of low or no … inflation. The declining prices cannot, however, be explained by lack of demand or any generalized deflationary tendencies …. Hence, the downward rigidity of nominal prices has not prevented relative price adjustments under price stability. The paper …

transmission channels (i.e. via global commodity prices); ii) it examines the interaction between monetary variables, asset prices … commodity prices, which in turn impact on inflation; ii) global asset/property price dynamics appear to respond to financing …

considered, notably by exploring interactions among monetary variables, inflation and asset prices (including residential … property prices). Third, we look at the potential role of public debt in driving price developments, on the grounds underpinned … affect global inflation and global commodity prices (which, in turn, impact on inflation); (2) global asset price dynamics …