However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound. — Toshihiko Fukui Copy Share Image
The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity… — Toshihiko Fukui Copy Share Image
They emphasize the viewpoint that the protracted economic stagnation in Japan derives from incomplete economic adjustments to significant changes in relative prices. — Toshihiko Fukui Copy Share Image
In this context, the current recovery in the Japanese economy is taking place in tandem with the growing interdependence with the rest of the… — Toshihiko Fukui Copy Share Image
Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and… — Toshihiko Fukui Copy Share Image
Thus, the questions we should ask here are what makes the current economic upswing different from the past two recoveries, and whether such differences… — Toshihiko Fukui Copy Share Image
The aging and decreasing population is a serious problem in many developed countries today. In Japan's case, these demographic changes are taking place at… — Toshihiko Fukui Copy Share Image
Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in… — Toshihiko Fukui Copy Share Image
However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest… — Toshihiko Fukui Copy Share Image
The direct investment of Japanese businesses to East Asian economies accelerates the reallocation of their production bases. Consequently, between Japan and the other East… — Toshihiko Fukui Copy Share Image
The staff at the Institute will present an analysis on how asset price fluctuations and subsequent structural adjustments influence sustained economic growth, based on… — Toshihiko Fukui Copy Share Image
As the new endogenous growth theory suggests, TFP growth is closely related to accumulation of the intangible capitals, such as human capital and research… — Toshihiko Fukui Copy Share Image
During the past two decades, inflation has fallen to a low level in major industrial countries. — Toshihiko Fukui Copy Share Image
With weak balance sheets, banks tend to continue lending unprofitable businesses and leave them existing. — Toshihiko Fukui Copy Share Image
In fact, the recent increase in intra-firm trading enables businesses to shift their activities across borders smoothly, thereby strengthening the response of economic activity… — Toshihiko Fukui Copy Share Image
The increased global linkages promote economic growth in the world through two key mechanisms: the division of labor and the international spillovers of knowledge. — Toshihiko Fukui Copy Share Image
