Abstract

How will prices and interest rates move? Deciphering the great transformation of the economy. A leading researcher in price studies approaches the biggest mystery of the Japanese economy based on cutting-edge theory and data analysis!

Why did deflation become chronic only in Japan? Why did chronic deflation suddenly end and inflation begin? Why did the extraordinary monetary easing fail? Why are inflation and deflation evil?

・Japan's chronic deflation is a major mystery in modern economics
・What is the unified theory of deflation and inflation?
・Inflation forecasts by people who hold the key
・Traditional common sense in economics no longer holds
・From force to riding the bandwagon. Ueda and the Bank of Japan's policy methods have changed significantly
・The Bank of Japan's policy interest rate is predicted to exceed 2% by the end of 2027
・The Bank of Japan should supply as much money as people want Japan's deflation and inflation are shrouded in many mysteries.

Going beyond conventional common sense in economics, we decipher the mysteries of the Japanese economy with bold hypotheses.

Author’s Information

Professor at the Graduate School of Economics, University of Tokyo, and founder and technical advisor of Nowcast, Inc.
Born in 1959. Graduated from the Faculty of Economics at the University of Tokyo. Worked at the Bank of Japan and was a professor at the Hitotsubashi University Institute of Economic Research before assuming his current position. Received a Ph.D. from Harvard University. Specializes in macroeconomics (particularly price and monetary policy).
His books include What are Prices? (Kodansha Sensho Metier), The Mystery of Global Inflation (Kodansha Gendai Shinsho), Japanese Prices and Asset Prices - Unraveling Price Dynamics (co-editor, University of Tokyo Press), A New Price Theory: Fiscal Theory of Price Levels and the Role of Monetary Policy (co-author, Iwanami Shoten), Introduction to Alternative Data: Understanding the Current State of the Economy (co-editor, Nippon Hyoronsha), Property Price Index: Theory and Practice (Springer), and The Economics of Interfirm Networks (Springer).