Christina Romer on Japanese Monetary Policy

Christina Romer speaks about the recent Japanese monetary policy and she insists on the importance of the regime shift of monetary policymaking at the time of deflation and stagnation.

While I read it, I find that Mr. Kuroda, the governor of BOJ, tried the regime shift.

Romer does not know if Mr.Kuroda's monetary policy will work, but she says that the regime change was the key factor to the recovery from the Great Depression of the 1930s.

Her report is very important in that she puts emphasis on the role of regime shift in macroeconomic policymaking.