Japan’s Financial Crisis and Its Parallels to U.S. Experience, Special Report 13, Institute for International Economics, Washington, D.C., 2000, pp. 149–166; and Bennett T. McCallum, “Alternative Monetary Policy Rules: A Comparison with Historical Settings for the United States, the United Kingdom, and Japan,” Economic Quarterly, Federal Reserve Bank of Richmond, 2000, pp. 49–79.
2  BIS central bankers’ speeches  the average remaining maturity of JGB purchases. This presentation was successful in sending a clear message about the new framework. However, the message may also have been interpreted by some market participants as a strong calendar-based commitment with a time limit, with a lesser focus on the second description (which I will describe in a moment).