Japan's Deflation, Problems in the Financial System and Monetary Policy
Bank for International Settlements, Monetary and Economic Department, 2005 - Deflation (Finance) - 63 pages
On 18-19 June 2004, the BIS held a conference on 'Understanding Low Inflation and Deflation'. This event brought together central bankers, academics and market practitioners to exchange views on this issue (see the conference programme in this document). This paper was presented at the workshop. The views expressed are those of the author(s) and not those of the BIS.
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accelerator effects analysis asset prices Bank of Japan Bemanke BOJ's borrowers business ﬁxed investment CABs capital corporate bonds credit crunch credit risk credit spreads declines economy equation EVR shocks Expectations theory components ﬁgure ﬁnance ﬁnancial accelerator effects ﬁnancial institutions ﬁnancial system ﬁrms ﬁrst ﬁscal foreign banks future short-term interest GDP deﬂator increase inﬂation rate Japanese banks JGBs LCPIS liquidity provision LM1S loans long-term govemment bonds long-term interest rates macroeconomic market operations monetary policy money market negative ﬁnancial accelerator NPL problem ovemight call rate P-value purchases of long-term Q 2 Q Q 3 Q ratio real GDP real interest rates reﬂects Regression response retums risk premium components risk-free interest rate RZlRP short-term interest rate signiﬁcant signiﬁcantly skewness Speciﬁcally Std err stock prices supply shocks Taylor rule threshold rate trillion variable yen funding costs yield curve zero interest rate zero rate commitment ZlRP