Speech by William R White for the Ninth International Conference at the Institute of Monetary and Economic Studies, Bank of Japan, on ‘The Role of Monetary Policy under Low Inflation: Deflationary Shocks and their Policy Responses’, 3-4 July 2000
This was a very enjoyable paper to read, but one which covered a very wide range of economic territory. Since it would be impossible to evaluate its content systematically, let me reorder Goodfriend’s contents with a view to addressing only two questions.