Well-anchored inflation expectations, in turn, help to prevent the economy from falling into and becoming trapped in deflation in the first place. In this regard, success of the Bank’s QQE has important implications not only for Japan’s economy but also for monetary policy around the globe. Thank you very much for your attention.
References Acharya, V.V., T. Eisert, C. Eufinger, and C.W Hirsch (2015), ‘Real effects of the sovereign debt crisis in Europe: Evidence from syndicated loans’, CEPR Discussion Paper No 10108. Acharya, V.V., T. Eisert, C. Eufinger, and C.W. Hirsch (2016), ‘Whatever it takes: The real effects of unconventional monetary policy’, Working Paper, New York University Stern School of Business. Acharya, V.V.