Chronic Deflation in Japan

  title={Chronic Deflation in Japan},
  author={Kenji Nishizaki and Toshitaka Sekine and Yuichi Ueno},
Japan has suffered from long-lasting but mild deflation since the latter half of the 1990s. Estimates of a standard Phillips curve indicate that a decline in inflation expectations, the negative output gap, and other factors such as a decline in import prices and a higher exchange rate, all account for some of this development. These factors, in turn, reflect various underlying structural features of the economy. This paper examines a long list of these structural features that may explain… CONTINUE READING

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