prototypical New Keynesian model fit to Japanese data exhibits orthodox dynamics during Japan's episode with zero interest rates …. We then demonstrate that this specification is more consistent with outcomes in Japan than alternative specifications …

This paper investigates how monetary policy can help to avoid the liquidity trap by studying the experience of Japan …. First, I analyze how the Bank of Japan conducted interest rate policy over the 1990s as the economy entered a deflationary …

This paper examines the methods used by the Bank of Japan for the estimation of the output gap. Attention is paid to …