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• W2111156755 abstract "Various proposals have been raised with respect to a desirable framework of monetary policy under the current zero interest rate in Japan. By taking due account of such proposals, this paper intends to examine monetary policy options under the environment of the zero interest rate. In so doing, we first describe the policy framework which has been in place since February 1999 when the zero interest rate policy was adopted, and its transmission mechanism. Then, in view of the problems intrinsic to the zero interest rate, we address three important questions: (1) the policy options that might be available in response to future economic developments; (2) the major risks associated with these policy options; and (3) how such risks might change under varying economic conditions. On this basis, we will finally consider the medium- and long-term “style” of monetary policy in Japan in order to improve its effectiveness and efficiency." @default.
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• W2111156755 date "2000-01-01" @default.
• W2111156755 modified "2023-09-23" @default.
• W2111156755 title "Monetary Policy under Zero Interest Rate --- Viewpoints of Central Bank Economists ---" @default.
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