Two Decades of Japanese Monetary Policy and the Deflation Problem¶

Ito, T., & Mishkin, F. S. (2001). Two Decades of Japanese Monetary Policy and the Deflation Problem. Monetary Policy with Very Low Inflation in the Pacific Rim (NBER-East Asia Seminar on Economics, Volume 15), University of Chicago Press.

Type: Book
Intellectual base: Review or monograph
Year: 2001
DOI: 10.7208/chicago/9780226379012.003.0005
DOI registrant: University of Chicago Press
Link: https://doi.org/10.7208/chicago/9780226379012.003.0005

Cited by¶

2 citations across 2 artifacts.

Domain-specific¶

Liquidity Trap
- After its asset bubble collapsed in 1991, Japan slid into stagnation and mild deflation; the Bank of Japan cut its policy rate toward zero (reaching essentially 0% by 1999) and expanded bank reserves, yet lending, investment, and prices stayed flat
  
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Secular Stagnation
- The Bank of Japan drove its policy rate to zero by 1999 and could go no lower under a conventional framework, yet deflation or near-zero inflation and weak growth persisted for two decades
  
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