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Price Stability and Japanese Monetary Policy

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Author Info
Hetzel, Robert-L (Federal Reserve Bank of Richmond)
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/english/publication/mes/2004/me22-3-1.pdf
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Publisher 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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Find related papers by JEL classification:
E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Determination of Interest Rates; Term Structure of Interest Rates
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

Cited by:
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  1. Kuttner, Kenneth-N, 2004. "Comments on "Price Stability and Japanese Monetary Policy."," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 22(3), pages 37-46, October. [Downloadable!]
  2. David Cook & Woon Gyu Choi, 2005. "Stock Market Liquidity and the Macroeconomy: Evidence from Japan," IMF Working Papers 05/6, International Monetary Fund. [Downloadable!]
  3. 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. [Downloadable!]
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This page was last updated on 2008-10-3.


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