Japan is now conducting a laboratory experiment in whether - TopicsExpress

Japan is now conducting a laboratory experiment in whether monetary policy can break an economy free of a severe deflationary trap with interest rates stuck at the zero lower bound. Governor Kuroda’s monetary experiment has in effect morphed into a strategy involving devaluation plus financial repression. The yen is 32 percent lower than it was three years ago. And real bond yields have been depressed well into negative territory. If this does not work in stimulating nominal demand, then nothing the central bank can do on its own will work. “Helicopter money” would be the last throw of the dice, but that involves monetizing a budgetary easing, so it is probably more correctly viewed as a fiscal measure.Markets and policy makers will now watch the Japanese experiment even more carefully than before. If it fails to restore inflation to Japan, this will be taken as a sign that monetary policy everywhere is powerless in the face of the deflationary forces that appear to be gathering momentum in the world economy.

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