Nelson, Benjamin, and Misa Tanaka, “Dealing with a Banking Crisis: What Lessons Can Be Learned from Japan’s Experience?” Bank of England, Bank of England Quarterly Bulletin, 54 (1), 2014, pp. 36–48. Nishimura, Kiyohiko G., “Macro-Prudential Policy from an Asian Perspective,” remarks at the High-Level Seminar on Macro-Prudential Policies co-sponsored by the People’s Bank of China and the International Monetary Fund, Bank of Japan, 2010.
The attention to household expectations is important to shed light on consumer behaviour. For instance, in the early 1990s it was used to quantify the impact of subjective earnings uncertainty on precautionary saving.