Fujiwara, Ippei; Hara, Naoko; Hirakata, Naohisa; … - Institute for Monetary and Economic Studies, Bank of Japan - 2007
Focusing on policy-making under uncertainty, we analyze the Bank of Japanfs monetary policy in the early 1990s when the bubble economy collapsed. Conducting stochastic simulations with a large-scale macroeconomic model of the Japanese economy, we find that the BOJfs monetary policy at that time...