Back to List
Asian Economic Policy Review (Vol. 9 Issue 1)

Persistent Deflation and Monetary Policy


*The articles in this journal can be purchased at Wiley Online Library.

About AEPR
Japan Center for Economic Research (JCER) launched an English journal entitled Asian Economic Policy Review (AEPR) in June 2006. The journal is published twice a year through John Wiley & Sons. Visit the journal website (Wiley Online Library) for more information.

>>Learn more about AEPR

Summary of this issue

 The liquidity trap is a very rare phenomenon, and the current Japanese situation is only comparable with the US experience during the Great Depression. However, similar phenomena took place in the US and European countries during the recent global financial crisis and the European sovereign debt crisis. Why the policy rate hit the zero lower again in Japan and other industrial countries since the Great Depression? This may be a big question to be asked. This issue addresses this questions with a particular focus on deflation in Japan.

Articles in this issue

*You can get access to the abstract and full text of the article at Wiley Online Library by clicking on its title link.

Editors’ Overview
 Takatoshi ITO (University of Tokyo)
 Kazumasa IWATA (Japan Center for Economic Research)
 Colin MCKENZIE (Keio University)
 Shujiro URATA (Waseda University)
 Tsutomu WATANABE (University of Tokyo)

Chronic Deflation in Japan
 Kenji NISHIZAKI (Bank of Japan)
 Toshitaka SEKINE (Bank of Japan)
 Yoichi UENO (Bank of Japan)

Micro Price Dynamics during Japan’s Lost Decades
 Nao SUDO (Bank of Japan)
 Kozo UEDA (Waseda University)
 Kota WATANABE (Chuo University)

Product Downsizing and Hidden Price Increases: Evidence from Japan’s Deflationary Period
 Satoshi IMAI (Statistics Bureau of Japan)
 Tsutomu WATANABE (University of Tokyo)

Who Faces Higher Prices? An Empirical Analysis Based on Japanese Homescan Data
 Naohito ABE (Hitotsubashi Univeristy)
 Kyosuke SHIOTANI (Bank of Japan)

A Pass‐Through Revival
 Etsuro SHIOJI (Hitotsubashi University)

Is Downward Wage Flexibility the Primary Factor of Japan’s Prolonged Deflation?
 Sachiko KURODA (Waseda University)
 Isamu YAMAMOTO (Keio University)

Takatoshi Ito: Professor, University of Tokyo
Kazumasa Iwata: President, Japan Center for Economic Research
Shujiro Urata: Professor, Waseda University

Managing Editor
Colin McKenzie: Professor, Keio University and Sciences Po

Associate Editors
Mohamed Ariff (Malaysia): Distinguished Fellow, Malaysian Institute of Economic Research, and Professor, International Center for Education in Islamic Finance
Muhammad Chatib Basri (Indonesia): Minister of Finance, Republic of Indonesia
Chia Siow Yue (Singapore): Senior Research Fellow, Singapore Institute of International Affairs
Hal Hill (Australia): Professor, Australian National University
Yiping Huang (China): Professor, Peking University
Shinichi Kitaoka (Japan): President, International University of Japan, and Professor, National Graduate Institute for Political Studies
Akira Kojima (Japan): Advisor, Japan Center for Economic Research
Jong-Wha Lee (Korea): Professor, Korea University
Marcus Noland (USA): Executive Vice President and Director of Studies, Peterson Institute for International Economics
Chalongphob Sussangkarn (Thailand): Distinguished Fellow, Thailand Development Research Institute
Akihiko Tanaka (Japan): President, Japan International Cooperation Agency (JICA)

  • Asian Economic Policy Review (Vol. 19 Issue 2)

    Macroeconomic Challenges in ASEAN


  • Asian Economic Policy Review (Vol. 18 Issue 2)

    Higher Education


    *The articles in this journal can be purchased at Wiley Online Library.

  • Asian Economic Policy Review (Vol. 19 Issue 1)



  • Asian Economic Policy Review (Vol. 18 Issue 1)

    Inequality, Social Justice and Welfare in Asia


    *The articles in this journal can be purchased at Wiley Online Library.

  • Asian Economic Policy Review (Vol. 17 Issue 2)

    Digital Finance in Asia


    *The articles in this journal can be purchased at Wiley Online Library.