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1Decline of oil prices and the negative interest rate policy in Japan显示文摘In April 2013,the Bank of Japan(BOJ)introduced an inflation target of 2%with the aim of overcoming deflation and achieving sustainable economic growth.But due to lower international oil prices it was unable to achieve this target and was forced to take further measures.Hence,in February 2016,the BOJ adopted a negative interest rate policy by massively increasing the money supply through the purchase of long-term Japanese government bonds(JGB).The BOJ had previously only purchased short-term government bonds,a policy that flattened the yield curve of JGBs.On the one hand,banks reduced the number of government bonds they purchased because short-term bond yields had become negative.The interest rates of long-term government bond up to 15 years even became negative.On the other hand,bank loans to corporates did not increase,due to Japanese economy’s vertical investment-saving(IS)curve.The purpose of this paper is to show that the monetary policy through implementation of the zero interest rate and more recently through the negative interest rate could not help the Japanese economy to recover from the long-lasting recession and these are not the remedy.It is of key importance to make the IS curve downward rather than vertical.That means the rate of return on investment must be positive and companies must be willing to invest even if interest rates are set too low.Japan’s long-term recession is due to structural problems that cannot be solved by its current monetary policy.The paper also explains why the BOJ has to reduce its 2%inflation target in the present low oil price era.Naoyuki Yoshino Farhad Taghizadeh-Hesary Nour Tawk 2017Economic and Political Studies2017,5,2:2
2The prophylactic use of inferior vena cava filters in patients undergoing high-risk spinal surgery显示文摘Leon L Rodriguez H Tawk RG 2005Ann Vasc Surg2005,19,3:1
3Effects of nocturnal continuous posi-tive airway pressure therapy in patients with resistant hypertension and obstruc-tive sleep apnea 显示文摘Demaika TA Kinasewitz GT Tawk MM 2009J Clin Sleep Med2009,5,2:1
4Transforaminal lumbar interbody fusion:surgical technique and results in 24 patients显示文摘Salehi SA Tawk R Ganju A 2004Neurosurgery2004,54,2:1
5Transforaminal lumbar inter- body fusion: surgical technique and results in 24 patients显示文摘Salehi S A Tawk R Ganju A 2004Neu- rosurgery2004,54,2:1
6Transforaminal lumbar interbody fusion: surgical technique results in 24 patients显示文摘Salehi SA Tawk R Ganju A 2004Neurosurgery2004,54,2:1
7Wnt/beta-catenin signaling is an essential and direct driver of myelin gene expression and myelinogenesis显示文摘Tawk M Makoukji J Belle M 2011J Neurosci2011,31,10:1
8transforaminal lumbar interbody fusion:surgical technique and results in 24patients显示文摘Salehi SA Tawk R Ganju A 2004Neurosurgerv2004,54,2:1
9Coiling of ruptured aneurysm followed by evacuation of hematoma 显示文摘Tawk RG Pandey A Levy E 2010World Neurosurg2010,74,6:1
10The significance and outcome of continuous positive airway pressure-related central sleep apnea during split-night sleep studies显示文摘Denlaika T Tawk M Nazir S 2007Chest2007,132,:1
11Prophylactic placement of an inferior vena cava filter in high - risk patients undergoing spinal reconstruction显示文摘Rosner MK Kuklo TR Tawk R 2004Neurosurgical Focus2004,17,4:1
12Transforaminal lumbar interbody fusion: surgical technique and results in 24 pa- tients显示文摘Salehi SA Tawk R Ganju A 2004Neurosurgery2004,54,2:1
13The prophylactic use of inferiorvena cava filters in patients undergoing high-risk spinal surgery显示文摘Leon L Rodriguez H Tawk RG 2005Ann Vasc Surg2005,19,3:1
14Transforaminal lumbar inter- body fusion: surgical technique and results in 24 patients 显示文摘Salehi S A Tawk R Ganju A 2004Neu- rosurgery2004,54,2:1
15Analysis of galileo E5 and ESab code tracking 显示文摘Tawk Y Botteron C Jovanovic A 2011GPS Solu- tions2011,16,2:1
16Endovaseular treatment of ruptured paraclinoid aneurysms: Results, eomplieations,and fol- low-up显示文摘Loumiotis I D'Urso P I Tawk R 2012AJNR Am J Neuroradiol2012,33,4:1
17Transforaminal lumbar in- terbody fusion: surgical technique and results in 24 patients显示文摘Salehi SA Tawk R Ganju A 2004Neurosurgery2004,54,2:1
18Transforaminal lum- bar interbody fusion: surgical technique and results in 24 patients显示文摘Salehi S A Tawk R Ganju A 2004Neurosurgery2004,54,2:1
19Trans- fc~raminal hmdmr-interbody fusjon: Surgi- c'al technique and resuhs in 24 patients显示文摘Salehi SA Tawk R Ganju A e! al 2004Neurosurge~2004,54,2:1
20The prophylactic use of inferior vena cava filters in patients undergoing high-risk spinal surgery显示文摘Leon L Rodriguez H Tawk RG 2005Ann Vase Surg2005,19,3:1
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