ecb speech, 2006-11-10
In evaluating the role of money, I would like to take up three episodes in post-war Japan; namely,- (1) the oil price hikes from the mid-1970s to early 1980s,- (2) the emergence and bursting of the asset price bubble from the mid-1980s to early 1990s,- (3) the experience of persistent deflation under the zero interest rate and the quantitative easing policy covering from the mid-1990s to March 2006.
Sentiment: neutral
Topic: mp_economic_activity