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The Bank of Japan adopted the Quantitative Easing (QE) Policy from March 2001 to March 2006. This paper investigates whether or not this QE had an effect in stimulating real economy in Japan. The identification of policy effect in the above Japanese case enables us to evaluate indirectly the...
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understanding the contract theory. In the first part of this paper, by following Itoh (2003) we investigate 2- and 3-agent type …
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