Ahearne, Alan; Gagnon, Joseph; Haltmaier, Jane; Steve … - Federal Reserve Board (Board of Governors of the … - 2002
This paper examines Japan's experience in the first half of the 1990s to shed some light on several issues that arise … deflationary episode? We conclude that Japan's sustained deflationary slump was very much unanticipated by Japanese policymakers … the economy fell off significantly. Based on all these considerations, we draw the general lesson from Japan's experience …