4  Empirical studies also indicate that a rise in productivity will improve the supply-demand balance in a sustainable manner, thereby exerting positive effects on the inflation rate.
For example, see Ryuzo Miyao, “Nihon no Keiki Hendou Youin: Jikeiretsu Bunseki karano Shiten (Sources for Japan’s Economic Fluctuations: A Perspective from Time-Series Analysis)”, Gendai Keizaigaku no Chouryuu (Contemporary Trends in Economics), Toyo Keizai Inc., 2011, pp. 35–65 (available in Japanese).