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Introduction to EASE-15: Monetary Policy with Very Low Inflation in the Pacific Rim

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Monetary Policy with Very Low Inflation in the Pacific Rim This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Monetary Policy under Very Low Inflation in the Pacific Rim, NBER-EASE, Volume 15 Volume Author/Editor: Takatoshi Ito and Andrew K. Rose, editors Volume Publisher: The University of Chicago Press Volume ISBN: 0-226-37897-7 Volume URL: http://www.nber.org/books/ito_06-1 Conference Dates: June 25-27, 2004 Publication Date: September 2006 Chapter Title: Introduction to EASE-15: Monetary Policy with Very Low Inflation in the Pacific Rim Chapter Author: Takatoshi Ito, Andrew K. Rose Chapter URL: http://www.nber.org/chapters/c0086 Chapter pages in book: (1 - 6) Introduction to EASE-15: Monetary Policy with Very Low Inflation in the Pacific Rim Takatoshi Ito and Andrew K. Rose 1 This volume contains papers from the fifteenth annual East Asian Seminar on Economics. EASE-15 was held in Tokyo, Japan on June 25–27. EASE-15 was organized around the topic of “Monetary Policy with Very Low Inflation Rates.” Until about a decade ago, this would have seemed to be an issue of only academic—meaning negligible—interest. However, the advent of extremely low inflation since the late 1990s has brought this macroeconomic issue to the forefront of policy discussions. As usual, academic interest has responded to this demand with a lag. Aca- demic interest in the area is particularly high in Asia, for a number of reasons. First and foremost, a number of important Asian countries have experi- enced deflation in the last fifteen years. Japan is perhaps the most promi- nent of these countries, but mainland China, Taiwan, and Hong Kong amongst others have also experienced persistently negative inflation rates. Some of these episodes are the result of fast growth on the supply side of the economy, which seems to have relatively benign effects. But inadequate aggregate demand policy can produce what is commonly ref

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