Bank for International Settlements Papers

RESEARCH - Empirical studies of structural changes and inflation August 2001.

During the 1990s, a number of countries successfully achieved low and stable inflation. Part of the decline reflects the large and negative output gaps in the early 1990s and favourable supply shocks later in the decade. However, inflation has remained relatively subdued as economic conditions have strengthened and some of the supply shocks have reversed. Moreover, actual inflation has remained well below the rates

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