Fujiki, Hiroshi (Institute for Monetary and Econ Studies, Bank of Japan) Okina, Kunio (Institute for Monetary and Econ Studies, Bank of Japan) Shiratsuka, Shigenori (Institute for Monetary and Econ Studies, Bank of Japan)
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This commentary summarizes the authors' main points of agreement and disagreement with respect to the proposal written by Dr. Hetzel. The authors agree with Dr. Hetzel's proposal on four points: after a central bank has lowered the interest rate to zero, (1) a central bank is not in fact powerless to stop deflation; (2) it does not make sense to focus on the quantity of the monetary base per se; (3) it is important to influence market expectations if monetary policy is to be effective; and (4) central bank solvency holds some importance. The authors disagree with Dr. Hetzel's proposal on three points: (1) transmission channels of quantitative easing; (2) potential costs and benefits of his proposal; and (3) the timing of introduction of an explicit nominal anchor.
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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: 25-36 Download reference. The following formats are available: HTML
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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
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