. Deflation subsided by 2005. As soon as inflation appeared to stabilize near a rate of zero, the Bank of Japan rapidly reduced … of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal … Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between …

Since the 2001 recession, average core inflation has been below the Federal Reserve's 2% target. This deflationary bias … corrects the bias and brings inflation back on target. Adopting this asymmetric rule improves welfare and reduces the risk of …

inflation and the stabilization of the welfare relevant output gap after a productivity shock hits the economy. When the … standard model is enhanced by real wage rigidities or labor turnover costs, an endogenous short-run inflation-output tradeoff … rigidities. Second, labor turnover costs are the dominant source for the inflation-output tradeoff when both rigidities are …

techniques, mainly vector autoregressions, focusing on Japan.While we find that basic relationships between the variables appear … unaltered by deflation, a further stimulative impact is difficult to implement once the zero bound is hit.This can be due to …

Neutralität von Geldpolitik wurde diese bei der Suche nach den Ursachen europäischer Arbeitslosigkeit verschont. Tatsächlich … verdächtigt und schuldig gesprochen die tragische Entwicklung der Arbeitslosigkeit in Europa verursacht zu haben. US … Arbeitsmarktinstitutionen. Wir argumentieren, dass das Zusammenwirken negativer Schocks und einer restriktiven Geldpolitik die wesentliche -wenn …

This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the … and their interaction is crucial for the dynamics of inflation and unemployment. We estimate a panel VAR with … deterministically varying coefficients and find that there is a profound difference in the responses of unemployment and inflation to …

.S. (i.e., forward-looking monetary policy), but not in Japan. The central banks in both countries react sharply to demand …

Concentrating on the period of quantitative easing in Japan, this paper reexamines the correlation between the … asymmetry of sectoral relative-price changes and the aggregate inflation rate. This correlation is widely interpreted as … evidence that short-run inflation is determined by supply-side factors; however, we study whether, in addition to the inflation …

, explicitly taking into account the monetary regime change in 1993, from exchange rate targeting to inflation targeting. The … results suggest that monetary policy reacted strongly to exchange rate movements in the former, and mostly to inflation in the … significantly affected by the choice of exchange rate regime. A counterfactual experiment that applies the inflation targeting …