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Japan's deflation, problems in the financial system and monetary policy

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Author Info

  • Naohiko Baba

    (Bank of Japan - Institute for Monetary, Economic Studies)

  • Shinichi Nishioka

    (Bank of Japan - Institute of Monetary, Economic Studies)

  • Nobuyuki Oda

    (Bank of Japan - Institute for Monetary, Economic Studies)

  • Masaaki Shirakawa

    (Bank of Japan - Institute of Monetary, Economic Studies)

  • Kazuo Ueda

    (University of Tokyo - Faculty of Economics)

  • Hiroshi Ugai

    (Bank of Japan - Institute of Monetary, Economic Studies)

Abstract

On 18-19 June 2004, the BIS held a conference on "Understanding Low Inflation and Deflation". This event brought together central bankers, academics and market practitioners to exchange views on this issue (see the conference programme in this document). This paper was presented at the workshop. The views expressed are those of the author(s) and not those of the BIS.

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Bibliographic Info

Paper provided by Bank for International Settlements in its series BIS Working Papers with number 188.

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Length: 71 pages
Date of creation: Nov 2005
Date of revision:
Handle: RePEc:bis:biswps:188

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Related research

Keywords: deflation; zero interest rate policy; quantitative monetary easing policy; commitment; negative interest rate; investor behavior; financial accelerator;

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References

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  1. Nakakuki, Masayuki & Otani, Akira & Shiratsuka, Shigenori, 2004. "Distortions in Factor Markets and Structural Adjustments in the Economy," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 22(2), pages 71-99, May.
  2. Fumio Hayashi & Edward C. Prescott, 2002. "The 1990s in Japan: A Lost Decade," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 206-235, January.
  3. Eric M. Leeper & Christopher A. Sims & Tao Zha, 1996. "What Does Monetary Policy Do?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 1-78.
  4. Shiller, Robert J. & Huston McCulloch, J., 1990. "The term structure of interest rates," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 13, pages 627-722 Elsevier.
  5. Peter Hordahl & Oreste Tristani & David Vestin, 2003. "A joint econometric model of macroeconomic and term structure," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
  6. Michael J. Fleming & Kenneth D. Garbade, 2004. "Repurchase agreements with negative interest rates," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 10(Apr).
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