How Fukui should deal with deflation

On the March 20 a new governor of the Bank of Japan, Toshihiko Fukui, took over. The previous incumbent's tour of duty was marked by economic stagnation. This can be seen either as an example of policy failure, or of the limits of central banking power. After the debates of the last 50 years, it has become generally agreed that central banks can satisfactorily manage economies that are prone to inflation; what remains to be decided is whether economies can also be managed under conditions of

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