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

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

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

The aging and decreasing population is a serious problem in many developed countries today. In Japan's case, these demographic changes are taking pla….

However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest r….

Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks hav….

The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor produc….

Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings int….

In fact, the recent increase in intra-firm trading enables businesses to shift their activities across borders smoothly, thereby strengthening the re….

The direct investment of Japanese businesses to East Asian economies accelerates the reallocation of their production bases. Consequently, between Ja….

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

The aging and declining population will have far-reaching impacts. Declining fertility rates will possibly increase immigration. The structure of fam….