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A foolproof way of escaping from a liquidity trap
Conclusions for Japan
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aggregate demand aggregate-demand asset prices Bank of Japan base drift Bernanke central bank channel to aggregate conference Monetary Policy CPI inflation credible deflation denote devaluation domestic inflation domestic interest rate domestic-currency return equilibrium escaping exchange interventions exchange-rate channel exogenous expectations of future expected future real Federal Reserve Bank foolproof foreign inflation foreign-currency foreign-exchange interventions foreign-exchange market foreign-exchange reserves foreign-exchange risk premium forward-looking variables future real interest government bonds increased inflation expectations inflation in period inflation target instrument rate interest parity Japanese Krugman 32 liquidity trap long real interest long real rate long-run inflation loss function Low Inflation Environment McCallum 38 Meltzer 45 monetary base nominal interest rate Okina one-period open economy open-market operations output gap Phillips curve portfolio-balance effect price-level target path private sector real depreciation relative real exchange rate real interest rate short government bonds Svensson 65 temporary peg Tokiko Shimizu transmission mechanism variable pt