Taking this possibility into account, I have proposed not to restrict the time frame for achieving the price stability target, and proposed to designate QQE as an intensive measure with a time frame of about two years based on the recognition that it is appropriate to secure an opportunity for the Bank to thoroughly examine, after a certain period of time, whether the side effects of the large-scale monetary easing are not outweighing the positive effects and review the easing measures in a flexible manner depending on economic and financial conditions at the time.
4  See, for example, Gillanders, R. and K. Whelan (2014), “Open for Business? Institutions, Business Environment and Economic Development,” Kyklos, 67(4), November. 5  For a survey of empirical research on productivity based on micro data, see Syverson, C. (2011), “What Determines Productivity?” Journal of Economic Literature, 49(2).