It is a great honor to have this opportunity to speak to you today about Japan's current monetary policy. With the aim of achieving its 2 percent price stability target, the Bank of Japan (hereafter the Bank) adopted quantitative and qualitative monetary easing (QQE) in April 2013. QQE was expanded further in October 2014. This was because of the potential risk that a decline in the consumer pr...

N recent years, many countries have experienced “stagflation,” a period of high and rising inflation and unemployment. Over this time, higher inflation increasingly has come to be blamed for higher unemployment and reduced growth of real output. This contrasts sharply with previously held notions that there was either a long-run tradeoff between inflation and unemployment or a “natural rate of ...

A basic tenet in elementary microeconomics is tax incidence equivalence. This tenet holds that the burden of a unit tax on buyers and sellers is independent of who actually pays the tax. Recently, the empirical validity of tax incidence equivalence has been brought into question. In this paper, using competitive laboratory markets, I test both tax incidence equivalence and an analogous theorem ...

In the United States, but not in Canada, nominal interest on residential housing mortgages is a deductible expense for the personal income tax. This suggests that changes in nominal interest rates could conceivably have differing impacts on real estate values in the two countries. The inflation component of nominal interest should have a negative impact on Canadian real estate, but its effect s...

This paper analyzes the implications of municipal budget revenue growth and the monetary policy's inflation rates goals in the availability of public health resources of municipalities. This is a descriptive, exploratory, quantitative, retrospective and longitudinal cross-sectional study covering the period 2002-2011. We analyzed health financing and expenditure variables in the municipalities ...