7  Okina and Shiratsuka (2002) make an assessment on the BOJ’s monetary policy actions before and after the burst of a bubble based on the Taylor rule. 8  In Japan, the President of the Economic and Social Research Institute, Cabinet Office, decides on the reference dates of business cycles, based on the discussions in the Investigation Committee for Business Cycle.
9  See Shirakawa (2009). 10  That tendency becomes more evident, by comparing real GDP growth per man-hour. See Hayashi and Prescott (2002). 11  The latest figure for the Japanese CPI is July 2010. 2  BIS Review 118/2010  the meantime, long-term inflation expectations remained generally unchanged, and anchored around 1 percent (Chart 9).