Japan's low-rate policies on its government and households. Because of the duration mismatch on the government balance sheet …

model, we find little space for "free lunch" policies for the United States in 2019, but ample space for Japan …

lackluster, like Japan, have done surprisingly well in terms of GDP growth per working-age adult. Indeed, from 1998 to 2019 …, Japan has grown slightly faster than the U.S. in terms of per working-age adult: an accumulated 31.9% vs. 29.5%. Furthermore …

.S. Great Recession, and Japan's Long Recession. Temporary economic disruptions, such as banking crises and excessive debt … natural interest rate and the zero lower bound (ZLB) are necessary conditions for a liquidity trap. Credible monetary policy … can counteract the adverse effects of short-run liquidity traps. Diminished monetary policy credibility or persistent …

, and other major advanced economies have similar levels of credibility (albeit far from full credibility); however, Japan …