area, Japan, and U.K.) a compression in the long-term yield spread exerts a powerful effect on both output growth and …

. These results are interesting not only for Japan, but also for other advanced economies where monetary policy is currently …

approach and have focused on the QE-experience, on which substantial data is available, namely that of Japan (2001 … policy goal of monetary policy. The empirical research finds that the policy conducted by the Bank of Japan between 2001 and …

techniques, mainly vector autoregressions, focusing on Japan.While we find that basic relationships between the variables appear …