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| Author | : Bennett T. McCallum |
| Publisher | : |
| Total Pages | : 64 |
| Release | : 1993 |
| Genre | : |
| ISBN | : |
| Author | : Bennett T. McCallum |
| Publisher | : |
| Total Pages | : 60 |
| Release | : 1993 |
| Genre | : |
| ISBN | : |
| Author | : Menzie David Chinn |
| Publisher | : |
| Total Pages | : 60 |
| Release | : 1997 |
| Genre | : Monetary policy |
| ISBN | : |
We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese monetary policy is that there are significant differences in both the policy procedures and objectives as compared to other industrial countries. In this paper we propose an out of sample' test of a set of restrictions on a vector autoregression employed by Clarida and Gertler (1997) in their analysis of the Bundesbank's behavior. Our interpretation of the evidence is that, with minor adjustments, the same specification provides a useful framework for understanding monetary policy in Japan. Perhaps the most interesting finding is that the Bank of Japan appears to react to inflation over longer forecast horizons as compared to other central banks.
| Author | : Bennett T. McCallum |
| Publisher | : |
| Total Pages | : 92 |
| Release | : 1993 |
| Genre | : Monetary policy |
| ISBN | : |
This paper investigates the performance, in several small-scale models of the Japanese economy, of an operational monetary policy rule related to ones previously considered for the United States. The rule dictates settings of the monetary base that are designed to produce values of nominal GNP close to targets that grow smoothly at a noninflationary rate. Simulations with quarterly data for the period 1972-1992 yield predominantly favorable results. Experiments with an interest rate instrument are also conducted but the simulated performance is less desirable. One section discusses issues concerning monetary base control in Japan.
| Author | : Adam Simon Posen |
| Publisher | : |
| Total Pages | : 92 |
| Release | : 2004 |
| Genre | : |
| ISBN | : |
| Author | : Kenneth J. Singleton |
| Publisher | : University of Chicago Press |
| Total Pages | : 208 |
| Release | : 2007-12-01 |
| Genre | : Business & Economics |
| ISBN | : 0226760685 |
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.
| Author | : Ryō Katō |
| Publisher | : |
| Total Pages | : 50 |
| Release | : 2003 |
| Genre | : Interest rates |
| ISBN | : |
This paper characterizes the optimal monetary policy reaction function in the presence of a zero lower bound on the nominal interest rate. We analytically prove and numerically show that the function is highly nonlinear, more expansionary, and more aggressive than the Taylor rule. We then test its empirical validity taking the case of Japan in the 1990s. Qualitatively, we find some evidence of nonlinear monetary policy. Quantitatively, we find the actual monetary policy to be too contractionary during the first half of the decade, while the low interest policy during the latter half turns out to be fairly consistent with the simulated path.
| Author | : Kazuo Ueda |
| Publisher | : |
| Total Pages | : 34 |
| Release | : 1996 |
| Genre | : Banks and banking |
| ISBN | : |
| Author | : John B. Taylor |
| Publisher | : University of Chicago Press |
| Total Pages | : 460 |
| Release | : 2007-12-01 |
| Genre | : Business & Economics |
| ISBN | : 0226791262 |
This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
| Author | : Frederic S. Mishkin |
| Publisher | : MIT Press |
| Total Pages | : 561 |
| Release | : 2009-08-21 |
| Genre | : Business & Economics |
| ISBN | : 0262513374 |
A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies. This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, “Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask,” which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
