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Author : Hiroshi Morita
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)
Download or read book Japanese Fiscal Policy Under the Zero Lower Bound of Nominal Interest Rates written by Hiroshi Morita and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mitsuhiro Fukao
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 ( download)
Download or read book Financial Strains and the Zero Lower Bound written by Mitsuhiro Fukao and published by . This book was released on 2003 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Daniel Leigh
Publisher : International Monetary Fund
ISBN 13 : 1451873794
Total Pages : 35 pages
Book Rating : 4.4/5 (518 download)
Download or read book Monetary Policy and the Lost Decade written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2009-10-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates how monetary policy can help ward off a protracted deflationary slump when policy rates are near the zero bound by studying the experience of Japan during the "Lost Decade" which followed the asset-price bubble collapse in the early 1990s. Estimation results based on a structural model suggest that the Bank of Japan's interest-rate policy fits a conventional forward-looking reaction function with an inflation target of about 1 percent. The disappointing economic performance thus seems primarily due to a series of adverse economic shocks rather than an extraordinary policy error. In addition, counterfactual policy simulations based on the estimated structural model suggest that simply raising the inflation target would not have yielded a lasting improvement in performance. However, a price-targeting rule or a policy rule that combined a higher inflation target with a more aggressive response to output would have achieved superior stabilization results.
Author : Kenneth J. Singleton
Publisher : University of Chicago Press
ISBN 13 : 0226760685
Total Pages : 208 pages
Book Rating : 4.2/5 (267 download)
Download or read book Japanese Monetary Policy written by Kenneth J. Singleton and published by University of Chicago Press. This book was released on 2007-12-01 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.
Download or read book A Macro-finance Analysis of the Term Structure and Monetary Policy in Japan written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Tomohiro Sugō
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Zero Interest Rate Policy written by Tomohiro Sugō and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper derives a generalized optimal interest rate rule that is optimal even under a zero lower bound on nominal interest rates in an otherwise basic New Keynesian model with inflation inertia. Using this optimal rule, we investigate optimal entrance and exit strategies of the zero interest rate policy (ZIP) under the realistic model with inflation inertia and a variety of shocks. The simulation results reveal that the shapes of the entrance and exit strategies in a ZIP change considerably according to the forward- or backward-lookingness of the economy and the size of the shocks. In particular, for large shocks that result in long ZIP periods, the time to the start (end) of the ZIP period is earlier (later) in an economy with inflation inertia than in a purely forward-looking economy. However, these outcomes are surprisingly converse to small shocks that result in short ZIP periods.--Author's description.
Author : Yoichi Matsubayashi
Publisher : Springer Nature
ISBN 13 : 9811641463
Total Pages : 70 pages
Book Rating : 4.8/5 (116 download)
Download or read book Monetary Policies in the Age of Uncertainty written by Yoichi Matsubayashi and published by Springer Nature. This book was released on 2021-08-23 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an interesting review of Japanese monetary policies after the bubble economy. The Bank of Japan was the first central bank in advanced economies to implement the unconventional monetary policies during the period. After the Lehman shock, most advanced economies also carried out similar monetary policies to boost their own economies. The Japanese experience in the 1990s and 2000s no doubt played a key role during the period. Although various aspects of the experiences have been examined, not many books have been published based on intensive discussions between the macro and monetary theorists who have been active in academics and the practitioners who have actually been involved in monetary policy. This small but important book has focused on the Japanese experience. Evaluation of that experience found that three solid pillars are of crucial importance: theory, institution, and experience. Those form the basis of the book, without theory, no policies will be formulated and implemented, and implementation depends crucially on institution. Chapter 1 provides a clear theoretical background for the unconventional monetary policies and inflation targeting. Chapter 2 intensively explores the meaning and desirability of the independence of central banks. Chapter 3 reviews the consequences of the Japanese monetary policies in recent decades in comparison with those in other advanced economies.
Author : Ben S. Bernanke
Publisher : www.bnpublishing.com
ISBN 13 : 9781607961055
Total Pages : 0 pages
Book Rating : 4.9/5 (61 download)
Download or read book Monetary Policy Alternatives at the Zero Bound written by Ben S. Bernanke and published by www.bnpublishing.com. This book was released on 2009-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The success over the years in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may become constrained by the zero lower bound. When that happens, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on "non-standard" policy alternatives. To assess the potential effectiveness of such policies, we analyze the behavior of selected asset prices over short periods surrounding central bank statements or other types of financial or economic news and estimate "noarbitrage" models of the term structure for the United States and Japan. There is some evidence that central bank communications can help to shape public expectations of future policy actions and that asset purchases in large volume by a central bank would be able to affect the price or yield of the targeted asset.
Author : Andreas Jobst
Publisher : International Monetary Fund
ISBN 13 : 1475524471
Total Pages : 48 pages
Book Rating : 4.4/5 (755 download)
Download or read book Negative Interest Rate Policy (NIRP) written by Andreas Jobst and published by International Monetary Fund. This book was released on 2016-08-10 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
Author : Kunio Okina
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (318 download)
Download or read book Policy Commitment and Expectation Formations written by Kunio Okina and published by . This book was released on 2003 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ben Hunt
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Zero Interest Rate Floor (ZIF) and Its Implications for Monetary Policy in Japan written by Ben Hunt and published by . This book was released on 2001 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Takatoshi Ito
Publisher :
ISBN 13 :
Total Pages : 132 pages
Book Rating : 4.:/5 (318 download)
Download or read book Monetary Policy in Japan written by Takatoshi Ito and published by . This book was released on 2005 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Takatoshi Itō
Publisher :
ISBN 13 :
Total Pages : 92 pages
Book Rating : 4.:/5 (318 download)
Download or read book Two Decades of Japanese Monetary Policy and the Deflation Problem written by Takatoshi Itō and published by . This book was released on 2004 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper reviews Japanese monetary policy over the last two decades with an emphasis on the experience of deflation from the mid-1990s. The paper is quite critical of the conduct of monetary policy, particularly from 1998 to 2003. The Bank of Japan's rhetoric was not helpful in fighting deflation, and the interest rate hike in August 2000 amid deflation was a serious mistake. Deflation can be quite costly, and a key element in both preventing and escaping deflation is the management of expectations, using either price level or inflation targeting, because the zero lower bound on interest rates means that the overnight interest rate can no longer be used as the instrument of monetary policy. This paper proposes how to best manage expectations to exit deflation. Price-level targeting overcomes theoretical problems, such as need for a history dependent strategy, associated with inflation targeting. However, because actions speak louder than words, management of expectations also involves non-conventional monetary policies, a combination of which might have to be tried to help the Japanese economy escape its deflationary trap"--NBER website
Author :
Publisher :
ISBN 13 :
Total Pages : 284 pages
Book Rating : 4.:/5 (321 download)
Download or read book Bank of Japan Monetary and Economic Studies written by and published by . This book was released on 2006 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Gee Hee Hong
Publisher : International Monetary Fund
ISBN 13 : 1513519549
Total Pages : 37 pages
Book Rating : 4.5/5 (135 download)
Download or read book Achieving the Bank of Japan’s Inflation Target written by Mr.Gee Hee Hong and published by International Monetary Fund. This book was released on 2019-11-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to achieve the price stability target of 2 percent inflation. In this paper, a forward-looking open-economy general equilibrium model with endogenously determined policy credibility and an effective lower bound is developed for forecasting and policy analysis (FPAS) for Japan. In the model’s baseline scenario, the likelihood of the Bank of Japan reaching its 2 percent inflation target over the medium term is below 40 percent, assuming the absence of other policy reactions aside from monetary policy. The likelihood of achieving the inflation target is even lower under alternative risk scenarios. A positive shock to central bank credibility increases this likelihood, and would require less accommodative macroeconomic policies.
Author : Takatoshi Itō
Publisher :
ISBN 13 :
Total Pages : 90 pages
Book Rating : 4.:/5 (318 download)
Download or read book Monetary Policy Beyond the Zero Interest Rate Policy Under Deflation written by Takatoshi Itō and published by . This book was released on 2005 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bennett T. McCallum
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (318 download)
Download or read book Misconceptions Regarding the Zero Lower Bound on Interest Rates written by Bennett T. McCallum and published by . This book was released on 2006 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper reviews issues related to the zero lower bound (ZLB) on interest rates and argues that all of the following propositions are invalid: (i) in a ZLB situation, "shaping interest rate expectations is essentially the only tool that central bankers have"(Bernanke, et.al., 2004); (ii) fiscal policy actions such as "helicopter drops" are in theory more effective than monetary policy actions; (iii) the prominent "foolproof way" policy rule of Svensson (2001, 2003) is applicable more generally -i.e., even when exact uncovered interest parity holds- than the alternative exchange-rate rule of McCallum (2000); (iv) both of the exchange-rate strategies described in (iii) are open to the objection that they constitute "beggar-thy-neighbor" approaches, and (v) there is a significant danger of ZLB difficulties stemming from a "deflationary trap" type of equilibrium, as distinct from a "liquidity trap."
