Japan's secular stagnation and monetary policy



Ikuko Fueda-Samikawa, Japan Center for Economic Research.


Other, please see description for details


Monday, 29 May, 2017 - 12:00 to 13:00

Since the end of the 1990s, Japan has been in a period of secular stagnation with a decline in the natural rate of interest. The natural rate of interest, first advocated by Swedish scholar Knut Wicksell in the 19th century, means the interest rate consistent with stable inflation without any shocks to demand and supply. When the natural rate turns negative it becomes highly difficult for monetary policy alone to guide the real interest rate below the negative natural rate.

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