Bank of Japan research paper - zero interest rates

RESEARCH - The Bank of Japan has published a research paper 'Monetary Policy Under the Zero Interest Rate Constraint and Balance Sheet Adjustment'. The paper is written by Masaaki Shirakawa, advisor to the governor, Bank of Japan.

Extract

There are two contrasting evaluations of the conduct of Japan's monetary policy since the early 1990s. One is that monetary policy has not been easy enough to promote economic recovery in Japan. The other is that since monetary policy has already been

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