BoJ paper evaluates zero interest rates in 1990s


A working paper, published by the Bank of Japan on November 2, re-examined the impact of zero interest rates and quantitative easing in Japan in the late 1990s and early 2000s.

The authors, Kosuke Aoki and Yoichi Ueno, find the Bank of Japan's policy during the period had expansionary effects by "bull flattening yield curves". Without monetary policy shocks, the economy would have experienced a more severe deflation and a larger negative output gap, the paper says.

Contrary to previous

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