http://aparcfellows.stanford.edu/publications/Recent publications from Corporate Affiliatesen-usPublic domainhttp://aparcfellows.stanford.edu/images/feed-icon-48x48.jpghttp://aparcfellows.stanford.edu/publications/60http://aparcfellows.stanford.edu/publications/22212Stanford Center for International Development, June 2008
]]>Fri, 15 Aug 2008 13:11:54 PSThttp://aparcfellows.stanford.edu/publications/22212?http://aparcfellows.stanford.edu/publications/22116Shorenstein APARC, February 2008
]]>Fri, 15 Aug 2008 13:11:30 PSThttp://aparcfellows.stanford.edu/publications/22116?http://aparcfellows.stanford.edu/publications/22094Shorenstein APARC, January 2008
]]>Tue, 08 Jul 2008 13:54:49 PSThttp://aparcfellows.stanford.edu/publications/22094?http://aparcfellows.stanford.edu/publications/21936Shorenstein APARC Corporate Affiliates Program, July 2007
For the past five years, the Bank of Japan (BOJ) has employed an unconventional monetary easing policy, called quantitative monetary easing. Under a zero interest rate regime, the BOJ shifted its tool for monetary easing from interest rates to quantity of money, thus providing the money market with much more money than it needs. It is difficult to find evidence that this monetary easing has contributed to the current economic recovery. What we can show is that this quantitative easing diluted the functions of interest rates in the money market, with the following consequences: quantitative easing hid the risks of the huge amount of fiscal debt and supported troubled commercial banks. Hence it helped to prevent both fiscal and financial crisis.]]>Thu, 10 Jul 2008 11:51:37 PSThttp://aparcfellows.stanford.edu/publications/21936?