Japan's Experience Suggests The Importance Of Assessing The Sustainability Of Price Stability Over A Fairly Long Period, Which Many Central Banks Have Emphasized In Recent Years.

Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in recent years.

Toshihiko Fukui

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In this context, the current recovery in the Japanese economy is taking place in tandem with the growing interdependence with the rest of the world, particularly with the other East Asian economies.

Toshihiko Fukui

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In fact, the recent increase in intra-firm trading enables businesses to shift their activities across borders smoothly, thereby strengthening the response of economic activity to exchange rate movements in the long run.

Toshihiko Fukui

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However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.

Toshihiko Fukui

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During the past two decades, inflation has fallen to a low level in major industrial countries.

Toshihiko Fukui

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As the new endogenous growth theory suggests, TFP growth is closely related to accumulation of the intangible capitals, such as human capital and research and development.

Toshihiko Fukui

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