struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … monetary policy pivot point. Since November 2011, the ECB has taken on an arguably activist liquidity-provider role relative to … integration. In December 2011, the ECB made clear its intention to inject massive liquidity when faced with crises of scale in …

The efficacy of fiscal policy in Japan in the last decade has been a subject of considerable dispute, and the …-autoregression model) had pronounced real effects in Japan. Expansionary fiscal policy was expansionary, and contractionary policy … contractionary, consistent with the implications of conventional macroeconomic theory. A historical decomposition shows that Japan …