Narratives that portray macroeconomic policies in Japan as unlike ones pursued in other large economies persist. I … revisit how several factors, including monetary, fiscal, and demographic factors impact Japan, the US, and the euro area … response does differ across the economies examined. Japan may not be like other systemically important economies in all …

Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for … longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro …

Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for … longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro …

This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the … parallels. It is found that the poor reputation of the Bank of Japan (BoJ) is, at times, underserved. To be sure, there were …