Who is afraid of a Japanese decade? CEPS Commentary, 19 January 2011

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Daniel. Gros
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For the second time in a decade, central banks around the world have responded to the collapse of an asset bubble by moving aggressively to ease monetary policy, a tactic explicitly justified by the need to avoid a Japanese-style 'lost decade'. The problem, however; as argued in this Commentary, is that Japan never lost a decade…