, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on non … over short periods surrounding central bank statements or other types of financial or economic news and estimate no …-arbitrage models of the term structure for the United States and Japan. There is some evidence that central bank communications can …

. Using Japanese household data from 2007 to 2014, we find that three payment instruments, namely, cash, electronic money, and … find that high-income, financially sophisticated households in urban areas tend to use both electronic money and cash …. Further, family households choosing electronic money and cash do not have higher cash holdings compared with family households …

). Since it has been argued by the Bank of England that 'Standard economic models are of limited use in these unusual … circumstances, and the empirical evidence is extremely limited' (Bank of England, 2009b), we have taken an entirely empirical … view that ultimately effectiveness will be measured by whether it will be able to boost spending (Bank of England, 2009b …

). Since it has been argued by the Bank of England that "Standard economic models are of limited use in these unusual … circumstances, and the empirical evidence is extremely limited" (Bank of England, 2009b), we have taken an entirely empirical … view that ultimately effectiveness will be measured by whether it will be able to "boost spending" (Bank of England, 2009b …