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This paper quantifies the role of alternative shocks in accounting for the recent declines in Japanese saving rates and interest rates and provides some projections about their future course. We consider three distinct sources of variation in saving rates and real interest rates: changes in...
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This paper analyzes the extent to which Japan's success at maintaining a low and stable inflation rate since the mid …-1970s, while avoiding a major recession, is attributable to a switch in monetary control procedures by the Bank of Japan … toward a so-called "money focused" monetary policy. Through estimation of an explicit Bank of Japan (BoJ) reaction function …
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