An Unwelcome Fall in Inflation? By Ben Bernanke, July 2003.

After a long period in which the desired direction for inflation was always downward, we are now in a situation in which risks to the inflation rate can be either upward, toward excessive inflation, or downward, toward too-low inflation or deflation...

Fear of a Quagmire?by Paul Krugman. A detailed piece on the dangers of deflation.

Deflation: Determinants, Risks, and Policy Options, by IMF May 2003 There has recently been a marked increase in concerns of a generalized decline in prices in both industrial and emerging market economies. With Japan, China, and several other Asian economies already experiencing declining prices, the worry has been that deflationary pressures could deepen, and even spread more widely...

Deflation:That Sinkin Feeling. The Economist April 2003.

With global economic recovery still some way off, some economists have started to worry that Europe and America could find themselves with the same problem of price deflation which has bedevilled Japan for years. Are they right to be concerned?…

A Case For Inflation Transparency , by Kenneth Rogoff in FTimes Apr 23, 2003

Even those of us who are not inflation-targeting fanatics are starting to wonder why the G3 central banks (Bank of Japan, the European Central Bank and yes, even the US Federal Reserve) seem so reluctant to speak more openly and concretely about their long-term inflation objectives. What harm would there be in giving broad guidelines for, say, average consumer price inflation over the next five to 10 years?...

One Recession Away from Deflation By Stephen Roach.

Yet, in my view, it would be entirely premature to issue the “all clear” signal on the deflation front -- especially in light of conditions in the world’s three largest economies...