Hara, Naoko; Kimura, Takeshi; Okina, Kunio - Bank of Japan - 2008
of the Bank of Japan, suggests that what is important is not large cuts in interest rates at an early stage; rather, the … could have been avoided in Japan if the BOJ had lowered short-term interest rates by a further 250 basis points at any time …Using the FRB/Global model on Japanese monetary policy in the early 1990s, Ahearne et al. (2002) argued that deflation …