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This paper examines the cost of deflation in the context of Japan's ongoing deflationary episode. The impact of deflation owing to the zero interest rate bound on monetary policy, wage rigidity, redistribution of wealth from debtor to creditor, and inflexibilities in the financial sector are examined. It is seen that the generalized decline in the Japanese price level, however gradual or mild, has substantially exacerbated the economy's adjustment process under already difficult economic conditions.

Deflation (Finance) --- Monetary policy --- Wages --- Disinflation --- Finance --- Banks and Banking --- Inflation --- Macroeconomics --- Personal Income, Wealth, and Their Distributions --- Price Level --- Deflation --- Monetary Policy --- General Financial Markets: General (includes Measurement and Data) --- Wages, Compensation, and Labor Costs: Other --- Interest Rates: Determination, Term Structure, and Effects --- Asset prices --- Consumer price indexes --- Real interest rates --- Prices --- Financial services --- Price indexes --- Interest rates --- Japan

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Global inflation surged in 2022, driven by high gas price growth. With Russia being a key supplier of energy products, the start of the war in Ukraine has led to strong inflationary pressures in the euro area (EA), given the region’s significant exposure to the Russian gas. The price shock has been particularly strong in the Netherlands, largely due to the larger share of gas on the energy mix compared to other peers, making the country vulnerable to changing market conditions.

Money and Monetary Policy --- International Economics --- Inflation --- Macroeconomics --- Labor --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Price Level --- Deflation --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Globalization: General --- Wages, Compensation, and Labor Costs: General --- Wages, Compensation, and Labor Costs: Other --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Market Structure, Firm Strategy, and Market Performance: General --- Industry Studies: Primary Products and Construction: General --- Electric Utilities --- Gas Utilities --- Pipelines --- Water Utilities --- Economic Development: General --- Commodity Markets --- Energy: General --- Energy and the Macroeconomy --- Social Economics --- Energy: Demand and Supply --- Prices --- Monetary economics --- International institutions --- Labour --- income economics --- Monetary policy --- International organization --- Energy prices --- Consumer prices --- Fuel prices --- International agencies --- Netherlands, The