This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide …

Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short … benefits and facilitate the use of powerful fiscal policy tools even in a liquidity trap. In this paper, we consider an … alternative approach that has been suggested for use in a liquidity trap, a scheduled increase in consumption tax rates. We find …

during the period of Japan's bubble economy and subsequent stagnation. The yen experienced epic gyrations over that period … the price of oil. Since the mid-1990s, the yen's real exchange rate has generally followed a depreciating trend and Japan …