10  The Role of Expectations in Monetary Policy: Evolution of Theories and the Bank of Japan's Experience Speech at the University of Oxford  June 8, 2017  Haruhiko Kuroda Governor of the Bank of Japan  Chart 1  Monetary Policy Discussions by Economists in the UK in the First Half of the 20th Century (1) John Maynard Keynes (1883-1946)  Liquidity trap “…after the rate of interest has fallen to a certain level, liquidity-preference may become virtually absolute in the sense that almost everyone prefers cash to holding a debt which yields so low a rate of interest.
After embracing globalisation, each in its own way, the two largest countries in the world started a process of convergence with advanced economies that scarcely anybody would have thought possible fifty years ago. Many other economies did the same. Institutions and the rules for multilateral cooperation, strengthened after the end of the Cold War, accompanied and supported this process.