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 …

Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short … stabilization as well even when the economy is expected to remain mired in a liquidity trap for some time. Thus, the microeconomic … fiscal benefits of open-market operations in a liquidity trap go hand in hand with standard macroeconomic objectives …