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Price Stability and Japanese Monetary Policy

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  • Hetzel, Robert-L

    (Federal Reserve Bank of Richmond)

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    Abstract

    For most of the time since 1995, the Japanese price level has declined. Since early 1999, short-term interest rates have mostly remained near zero. Also, starting in 2001, the excess reserves held by banks have risen dramatically. Many observers have concluded that central banks are powerless to end deflation when short-term interest rates are near zero. This paper argues that such a pessimistic conclusion is unwarranted.

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    File URL: http://www.imes.boj.or.jp/research/papers/english/me22-3-1.pdf
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    Bibliographic Info

    Article provided by Institute for Monetary and Economic Studies, Bank of Japan in its journal Monetary and Economic Studies.

    Volume (Year): 22 (2004)
    Issue (Month): 3 (October)
    Pages: 1-23

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    Handle: RePEc:ime:imemes:v:22:y:2004:i:3:p:1-23

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    Cited by:
    1. Claudio Morana, 2004. "The Japanese Deflation: Has It Had Real Effects? Could It Have Been Avoided?," ICER Working Papers 29-2004, ICER - International Centre for Economic Research.
    2. Woon Gyu Choi & David Cook, 2005. "Stock Market Liquidity and the Macroeconomy: Evidence from Japan," IMF Working Papers 05/6, International Monetary Fund.
    3. Assenmacher-Wesche, Katrin & Gerlach, Stefan & Sekine, Toshitaka, 2008. "Monetary Factors and Inflation in Japan," CEPR Discussion Papers 6650, C.E.P.R. Discussion Papers.

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