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Summary panel: Japan's experience with zero interest rates

Author

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  • Kazuo Ueda

Abstract

The current policy stance of the BOJ has an automatic stabilizer element in it despite the fact that we have hit the zero rate bound. That is to say, the promise to \\"keep the zero rate until deflationary concerns are over\\" puts downward pressure on long-term interest rates when people see negative signs about the economy because they expect the zero rate to stay for a longer period of time. A similar thing will happen anyway. But the current commitment seems to have strengthened the effect.

Suggested Citation

  • Kazuo Ueda, 2000. "Summary panel: Japan's experience with zero interest rates," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, pages 1107-1109.
    • Handle: RePEc:fip:fedbcp:y:2000:p:1107-1109
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    Cited by:

    1. Thanaset Chevapatrakul & Tae‐Hwan Kim & Paul Mizen, 2009. "The Taylor Principle and Monetary Policy Approaching a Zero Bound on Nominal Rates: Quantile Regression Results for the United States and Japan," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(8), pages 1705-1723, December.
    2. Alfonso Palacio Vera, 2009. "Some Reflections on the Theory of the “Liquidity Trap”," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 09-02, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
    3. Alfonso Palacio Vera, 2008. "Money wage rigidity, monopoly power and hysteresis," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 08-02, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.

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