English, Article, Journal or magazine article edition: Price stability and Japanese monetary policy Robert L. Hetzel

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Bookmark: http://trove.nla.gov.au/version/74596
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Price stability and Japanese monetary policy
Author
  • Robert L. Hetzel
Physical Description
  • preprint
Notes
  • 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.
  • Monetary policy
  • RePEc:fip:fedrwp:04-01
Language
  • English
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