20世纪90年代以后,全球低利率趋势越来越显著,除低通胀之外,实际利率水平下降是一个重要原因,日本企业资本收益率下降是导致实际利率下降的重要原因。日本要摆脱长期通缩,关键在于提高潜在经济增长率,拉高自然利率,因此结构改革十分重要。
Since the 1990s,there has been a growing trend for low interest rates across the globe,which is due to the low inflation and the decrease of real interest rate. The reduction of Japanese enterprises’ profits on capital is one cause of the decrease of real interest rate. In order to end the long period of deflation,Japan has to raise the potential growth rate and natural interest rate,which requires structural reforms.
Keywords: | Unconventional Monetary PolicyAbenomicsLow Interest RateLow InflationNatural Interest Rate |