The paper analyses the reasons for Japan's persistently low inflation since the bursting of the Japanese bubble economy … (low inflation conundrum). It is shown that Japan experienced a structural break from a high-growth period with relatively … high inflation to a low-growth period with exceptionally low inflation since the early 1990s. We show based on a stylized …

This paper examines the relationship between the output gap and inflation in Japan by estimating Phillips curves and … testing for changes since the advent of low inflation and/or the stabilisation of the rate of change of inflation. The work … provides empirical support for the hypothesis of a change in the relationship between output and inflation in an environment of …