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 …

-arbitrage" models of the term structure for the United States and Japan. There is some evidence that central bank communications can …

monetary easing" recently undertaken by the Bank of Japan when the nominal short-term interest rate was virtually at zero … effects were adverse on net for Japan's economy. However, our analysis counsels caution in accepting the view that, ceteris …