12 See, for example, English, López-Salido, and Tetlow (2015); Hebden and López-Salido (2018); Bernanke, Kiley, and Roberts (2019); and Mertens and Williams (2019). 13 The Bank of Japan (2016) came closest, announcing in September 2016 an “inflation-overshooting commitment” (p. 1). The commitment did not, however, come with any explicit goal for a degree or duration of overshoot.
Like China, Thailand is also likely to end its demographic dividend period while its per capita income remains at a medium level.