effectiveness may moderate in graying societies. It then uses Bayesian estimation techniques for the U.S., Canada, Japan, U.K., and …

complementary monetary policy tool to stimulate the economy and combat the risks of deflation when the policy interest rate is at …

increased, we find that, as of September 2002, with the exception of Japan, there is no evidence of substantial deflation risks …. We also put the estimates of deflation risk for the United States, Germany and Japan into historical perspective. We find … that only for Japan there is evidence of deflation risks that are unusually high by historical standards. …

Japan has the most rapidly aging population in the world. This affects growth and fiscal sustainability, but the … advanced countries as well, but we find that deflation risk from aging is not inevitable as ambitious structural reforms and an …