BoJ study: low rates not enough
A study by the Bank of Japan (BoJ) shows that movements in the short term interest rate during deflationary periods only altered private-sector expectations moderately and were insufficient in returning output and prices to previous trends.
The authors carry out a structural Vector auto regression (VaR) model to measure the effects of the Bank of Japans policy commitment to zero interest rates on the economy through the transmission channel of altering private-sector expectations.
Central banks
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