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- Publisher
- Springer Journals
- Copyright
- 2004 Japanese Economic Association
- ISSN
- 1352-4739
- eISSN
- 1468-5876
- DOI
- 10.1111/j.1468-5876.2004.0301n.x
- Publisher site
- See Article on Publisher Site
Abstract
Abstract The prolonged recession and deflation in Japan since 1990 presents novel problems to economists. The recession was certainly triggered by real factors such as the slowing down of capacity growth. At the same time, it was aggravated by the monetary contraction in the early 1990s and the inability of the monetary policy to cope with deflation, a fortiori a monetary phenomenon. With the zero-bound interest rate, traditional monetary policy is of limited effect, and unconventional monetary policy, such as inflation (or price-level) targeting, should be employed instead, in order to change the persistent deflationary expectations in the public.
Journal
The Japanese Economic Review – Springer Journals
Published: Sep 1, 2004
Keywords: economics, general; microeconomics; macroeconomics/monetary economics//financial economics; econometrics; development economics; economic history