16/03/11 13:45:39.64 mem84Vdk.net
>>481の続き
Which makes it a prime candidate for secular stagnation. And bear in mind
that rates have been very low for two decades, fiscal deficits have been
high that whole period, and at no point has there been a hint of overheating.
Japan looks like a country in which a negative Wicksellian rate is a more or
less permanent condition.
If that’s the reality, even a credible promise to be irresponsible might do
nothing: if nobody believes that inflation will rise, it won’t. The only way
to be at all sure of raising inflation is to accompany a changed monetary
regime with a burst of fiscal stimulus.