The aging and decreasing population is a serious problem in many developed countries today. In Japan's case, these demographic changes are taking place at a more rapid pace than any other country has ever experienced.
Toshihiko FukuiThe standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.
Toshihiko FukuiDuring the past two decades, inflation has fallen to a low level in major industrial countries.
Toshihiko FukuiHowever, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.
Toshihiko Fukui