@article{oai:stars.repo.nii.ac.jp:00000081,
 author = {中野, 瑞彦 and NAKANO, Mitsuhiko},
 issue = {3},
 journal = {桃山学院大学経済経営論集, St. Andrew's University economic and business review},
 month = {Feb},
 note = {Mr. Kuroda, the new Governor of BOJ, announced "Price Stability Target" at 2 percent and "Quantitative and Qualitative Monetary Easing" on 4th April in 2013. It was called "Triple 2 Policy" because its' targets are 2% increase of CPI, double increase of the monetary base and the amounts outstanding of Japanese government bonds, and double increase of holding duration of long term national bonds. Japanese economy has been suffering from deflation during the last 15 years. A big dispute has continued how to escape from the long term deflation. Mr. Shirakawa, the previous governor of BOJ, stressed that the current deflation was not controllable only by BOJ's monetary policy. Wages and salaries of Japanese employees have significantly declined since 1997 to 2012, even during the economic expansion time from 2003 to 2007. In addition The Lehman Shock and The East Japan Earthquake heavily damaged consumers' mind. Declining ratio of wages and salaries excessed that of CPI. It meant purchasing power of consumers in real term declined by 10% during the last 15 years. As a result consumers have been enforced to reduce their consumption and it has led the Japanese economy to the deflationary depression. One of the targets of the new monetary policy is to make banks rebalance their asset portfolio. But unfortunately no indications have been found in the relation between the monetary base and the bank lending amounts outstanding for the last two decades. Japanese banks have become more cautious of accumulating credit risks to borrowers under the deflationary economy. "Quantitative and Qualitative Monetary Easing" policy has already realized a big increase of stock prices and a big depreciation of Japanese yen's value. But the policy implies a big risk of asset price hyperinflation and its collapse which the Japanese economy experienced in 1990s. It is hopeless to change consumers' mind without a big increase of nominal wages which recovers the decline during the last 15 years. The government should launch an initiative to enlarge full time employment and increase wages and salaries in order to reverse the deflationary mind of consumers.},
 pages = {213--247},
 title = {デフレ下の金融政策とその限界},
 volume = {55},
 year = {2014},
 yomi = {ナカノ, ミツヒコ}
}