Fujiki, Hiroshi; Okina, Kunio; Shiratsuka, Shigenori - In: Monetary and Economic Studies 22 (2004) 3, pp. 25-36
This commentary summarizes the authors' main points of agreement and disagreement with respect to the proposal written by Dr. Hetzel. The authors agree with Dr. Hetzel's proposal on four points: after a central bank has lowered the interest rate to zero, (1) a central bank is not in fact...