Price stability and Japanese monetary policy

Robert L. Hetzel

No 04-01, Working Paper from Federal Reserve Bank of Richmond

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.

Keywords: Monetary; policy (search for similar items in EconPapers)
Date: 2004
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