Japan's Deflation, Problems in the Financial System and Monetary Policy

71 Pages Posted: 20 Sep 2007

See all articles by Naohiko Baba

Naohiko Baba

Bank of Japan - Financial Markets Department

Shinichi Nishioka

Bank of Japan - Institute of Monetary and Economic Studies

Nobuyuki Oda

Kyorin University

Masaaki Shirakawa

Bank of Japan - Institute of Monetary and Economic Studies

Kazuo Ueda

University of Tokyo - Faculty of Economics

Hiroshi Ugai

Bank of Japan - Institute of Monetary and Economic Studies

Date Written: November 2005

Abstract

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.

Keywords: zero interest rate policy, quantitative monetary easing policy, commitment, deflation, financial accelerator, negative interest rate, investor behavior

JEL Classification: E43, E44, E52, E58, G12

Suggested Citation

Baba, Naohiko and Nishioka, Shinichi and Oda, Nobuyuki and Shirakawa, Masaaki and Ueda, Kazuo and Ugai, Hiroshi, Japan's Deflation, Problems in the Financial System and Monetary Policy (November 2005). BIS Working Paper No. 188. Available at SSRN: https://ssrn.com/abstract=861664 or http://dx.doi.org/10.2139/ssrn.861664

Naohiko Baba (Contact Author)

Bank of Japan - Financial Markets Department ( email )

2-1-1, Hongoku-cho
Nihonbashi
Chuo-ku, Tokyo, 103
Japan

Shinichi Nishioka

Bank of Japan - Institute of Monetary and Economic Studies ( email )

2-1-1, Hongoku-cho
Nihonbashi
Chuo-ku, Tokyo, 103
Japan

Nobuyuki Oda

Kyorin University ( email )

Mitaka-shi, Tokyo
Japan

Masaaki Shirakawa

Bank of Japan - Institute of Monetary and Economic Studies ( email )

2-1-1, Hongoku-cho
Nihonbashi
Chuo-ku, Tokyo, 103
Japan

Kazuo Ueda

University of Tokyo - Faculty of Economics ( email )

7-3-1 Hongo, Bunkyo-ku
Tokyo 113-0033
Japan

Hiroshi Ugai

Bank of Japan - Institute of Monetary and Economic Studies ( email )

2-1-1, Hongoku-cho
Nihonbashi
Chuo-ku, Tokyo, 103
Japan

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