"However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound."

Toshihiko Fukui, Japanese Public Servant

Policy, Perception, Interest

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"However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound."

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Explore more quotes by Toshihiko Fukui

"Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in recent years."

Experience

"During the past two decades, inflation has fallen to a low level in major industrial countries."

Country

"The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth."

Growth

"The staff at the Institute will present an analysis on how asset price fluctuations and subsequent structural adjustments influence sustained economic growth, based on Japan's experience since the second half of the 1980s."

Experience

"As the new endogenous growth theory suggests, TFP growth is closely related to accumulation of the intangible capitals, such as human capital and research and development."

Development

"Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and allocating investment funds among firms."

Finance

"In this context, the current recovery in the Japanese economy is taking place in tandem with the growing interdependence with the rest of the world, particularly with the other East Asian economies."

Economy

"With weak balance sheets, banks tend to continue lending unprofitable businesses and leave them existing."

Balance

"The aging and declining population will have far-reaching impacts. Declining fertility rates will possibly increase immigration. The structure of family and society will inevitably change."

Change

"The increased global linkages promote economic growth in the world through two key mechanisms: the division of labor and the international spillovers of knowledge."

Knowledge