Imai, Satoshi; Shimizu, Chihiro; Watanabe, Tsutomu - Faculty of Economics, University of Tokyo - 2012
The consumer price inflation rate in Japan has been below zero since the mid-1990s. However, despite the presence of a substantial output gap, the rate of deflation has been much smaller than that observed in the United States during the Great Depression. Given this, doubts have been raised...