Moreover, the budgetary implications of this proposal would be essentially zero, since any increase in interest payments to the BOJ by the MOF arising from the bond conversion would be offset by an almost equal increase in the BOJ's payouts to 6 the national treasury.
2  One of the papers used by many observers inside and outside the Federal Reserve to suggest the possibility of a mid-1990s inflection point in productivity growth was Carol Corrado and Lawrence Slifman (1999), "Decomposition of Productivity and Unit Costs," American Economic Review, vol. 89 (May), pp. 328-32. 4  BIS Review 104/2006