Price Stability and Japanese Monetary Policy

Robert-L Hetzel
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Robert-L Hetzel: Federal Reserve Bank of Richmond

Monetary and Economic Studies, 2004, vol. 22, issue 3, 1-23

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.

JEL-codes: E31 E43 E52 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (14)

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