Deflation can be costly and difficult to anticipate, and concerns of a generalized decline in
prices in both industrial and emerging market economies have increased recently. This paper …

A wide body of academic literature suggests that macro factors can be significant drivers of
asset returns. And among practitioners, statements such as “stocks make money in …

T now in its 12th year, has weathered many adverse shocks that have hit the US economy in
recent years, including terrorist attacks and heightened security concerns, a sharp decline …

In recent years, capital flows have picked up sharply, reflecting a more outward-oriented
attitude by private Japanese investors (Figure 10.1). Private holdings have been largely …

Deflation can be costly and difficult to anticipate, and concerns of a generalized decline in
prices in both industrial and emerging market economies have increased recently. This paper …

Given the costs of deflation, it is desirable to prevent it from taking root, rather than deal with
it once it has become entrenched. This is a particular challenge for policy in a low inflation …

This section provides an assessment of conjunctural deflation risks in the world economy. It
shows that deflationary pressures have risen in several countries, and that the susceptibility …

In view of the discussion in the previous section of the determinants and costs of deflation,
an examination of the empirical evidence regarding persistent deflation is useful. Prior to the …

This chapter examines the issues facing the Bank of Japan’s (BoJ’s) Policy Board in
implementing a new post-deflationary framework for monetary policy. The chapter provides an …

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