Haruhiko Kuroda: How unconventional monetary policy stimulates demand – theory and practice Remarks by Mr Haruhiko Kuroda, Governor of the Bank of Japan, for the Panel Discussion at the Bank for International Settlements Annual General Meeting, Basel, 28 June 2015. *  *  *  It is a great honor to be able to participate in this panel discussion today.
The late 1990s were a period of optimism about the prospects for the U.S. economy, reflecting the pickup in productivity growth that was generated, in large part, by information technology. The resultant optimism about the economy’s growth prospects was accompanied by a complacent attitude toward risk, fed by the long bull market dating back to the early 1980s.