[MiroF]

Your source does not say that QE was deflationary in Japan - just that in the context of a real economic shock to Japan's economy, the central bank's stance was contractionary. Indeed, they argue that more QE would have combatted the deflation.

Why not read the sources you link?

[diogenescynic]

You read all 22 pages already? Bullshit. First pages mentions deflation... if tripling their money supply did nott lead to hyperinflation what will? Page two:

>market peaked in the July􏰑September quarter of 1991. Those peaks were followed by steep declines in asset prices, culminating in contractions of real GDP in several quarters of 1992 and 1993 and deflation as measured by the CPI from July 199

My point was to find a right wing source that should be agreeing with you, but is agreeing with what I said. Or you can google it, there are a number of sources. Here’s another I linked above: https://www.economyandmarkets.com/economy/central-banks/japa...

It’s obvious you’re wasting my time tho. Read it or don’t, I don’t care but you’re clearly wrong and we both know it.

[MiroF]

> if tripling their money supply did t lead to hyperinflation what will

If you read your own linked paper, you will see that this is not what occurred - monetary base was substantially increased, sure, but that is not synonymous with money supply and there was no corresponding increase in M2.

To your second link, which is not from a reputable source, your CATO paper directly contradicts claims of "huge" QE. It was actually smaller than the prior effort:

> Throughout his tenure, Shirakawa was a reluctant expansionist, frequently making speeches to the effect that QE alone would never succeed in reviving the Japanese economy. Originally, he had intended that the QE program would be completed by the end of 2011, but with the CPI still falling in November and December 2011, operations were extended through 2012 and 2013. Compared to QE1 in 2001–06, Shirakawa’s QE2 was a much weaker program

Here, again, is the paper you linked saying that QE policies combat deflation:

> For better or worse, the Federal Reserve did not counteract the downturn in money growth in 1931–33, either with security purchases or money creation, and thereby exacerbated the depth of the recession, the level of unemployment, and duration of the deflation.

Just because the paper "mentions deflation" doesn't mean that QE "causes" deflation - and the paper is pretty clear that this is not the case. Japan's QE was ineffective, sure, (for a variety of reasons) but in the absence of QE the deflation would have been worse.

Also, I will note that right wing sources are exactly who I would not expect to agree with me. They are hawkish on QE.

[diogenescynic]

Where did I say anything about scale? You're moving the goalposts and arguing about a tangent.

>Also, I will note that right wing sources are exactly who I would not expect to agree with me. They are hawkish on QE.

Right wingers are the ones most likely to argue QE leads to inflation--see Ron Paul. This conversation is a waste of my time. You're basically saying "I'm an expert, I know more than you" which is an appeal to authority, and I'm just pointing out that based on real world examples that we have, that isn't what happened. Theory and reality are not the same thing. End of discussion for me.