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 …. (2002) has some drawbacks: it assumes the central bank's commitment to permanent downward shift of the policy reaction … central bank would commit to cut interest rates aggressively in the future, if the risk of deflation increases. …