However, the process of keeping inflation in check is not in one direction; for instance, sustained periods of low or rapidly falling inflation could indicate subdued economic activity;  BIS Review 40/2009  3  in which case, monetary policy would need to be eased to stimulate economic growth, without re-igniting inflationary pressures.
Evidence from large multi-channel retailers”, American  Economic Review, 107(1): 283–303, finds price levels are identical around 72% of the time. 8 6/7  BIS central bankers' speeches  8 See, e.g. Lorenzani, D. and J. Varga (2014), “The economic impact of digital structural reforms”, European  Commission Economic Papers, No. 529.