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 …

In this paper, we estimate government purchase multipliers for Japan, following the approach used previously for a … a sample period extending from 1960 to 2012, estimates for Japan are quite consistent with those previously estimated … Japan make the dating of recessions a challenge …