Economic Letter

COVID-19 Fiscal Expansion and Inflation Expectations in Japan

Japan's strong response to the economic fallout from COVID-19 presents an opportunity to examine whether expansionary fiscal policies raise long-term inflation expectations. Analyzing market-based estimates of long-term inflation expectations in Japan shows that announcements of government fiscal stimulus under COVID-19 had no meaningful impact on investors’ long-term inflation expectations.

The SF Fed’s Commitment to Equity

The San Francisco Fed is dedicated to building an economy that works for everyone and helping ensure all Americans have the opportunity to fully realize their potential. We champion equity because research has demonstrated it supports our full employment mandate and our mission to promote a healthy and sustainable economy.

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