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Japan Inside the Black Hole
Ip, Percy - Department of Economics, Faculty of Business and Economics - 2003
inflation treats only the symptom, not the disease. Trade liberalisation by Japan is superior to yen depreciation as a means of … lowering the cost of funds. Deflation can be good or bad. 'Stagdeflation' is bad whilst 'growthdeflation' is good. Targeting …
Persistent link: https://www.econbiz.de/10005423297
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A Desirable Inflation Targeting Policy in a Deflationary Economy : The Case of Japan
Aoki, Masaru - 2015
This paper presents a welfare analysis of a desirable Inflation Targeting Policy in order to achieve price … the components of a Inflation Targeting Policy, such as inflation targeting (IT), price level targeting (PLT), and hybrid … targeting (HT), as well as the modified inflation targeting (MIT), which aims at an optimal price level under an inflation …
Persistent link: https://www.econbiz.de/10013037875
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Moderate Inflation and the Deflation-Depression Link
Benhabib, Jess - 2007
In a recent paper, Atkeson and Kehoe (2004) demonstrated the lack of a robust empirical relationship between inflation … provides weak support for the contention that deflation episodes are harmful to economic growth. In this paper, we revisit this … relationship by allowing for inflation and growth to have a nonlinear specification dependent on inflation levels. In particular …
Persistent link: https://www.econbiz.de/10012729476
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Looking into the rear-view mirror : lessons from Japan for the Eurozone and the U.S?
Siklos, Pierre L. - In: Asia and the global economy : AGE 1 (2021) 1, pp. 1-20
This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the … parallels. It is found that the poor reputation of the Bank of Japan (BoJ) is, at times, underserved. To be sure, there were …
Persistent link: https://www.econbiz.de/10012816140
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Understanding inflation in emerging and developing economies
Ha, Jongrim; Kose, M. Ayhan; Ohnsorge, Franziska - 2019
Emerging market and developing economies (EMDEs) have experienced an extraordinary decline in inflation since the early … 1970s. After peaking in 1974 at 17.3 percent, inflation in these economies declined to 3.5 percent in 2017. Despite a … checkered history of managing inflation among many EMDEs, disinflation occurred across all regions. This paper presents a …
Persistent link: https://www.econbiz.de/10012060219
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Money Growth Targeting.
von Hagen, J. - Institute for International Economic Studies (IIES), … - 1998
The recent debate over monetary policy strategies concludes that monetary targeting in practice lead to very similar patterns of central bank behaviour. This raises the question why central banks insist on the strategies they use. In this paper, we develop an answer from political economy. After...
Persistent link: https://www.econbiz.de/10005479280
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Understanding inflation in emerging and developing economies
Ha, Jongrim; Kose, M. Ayhan; Ohnsorge, Franziska - 2019
Emerging market and developing economies (EMDEs) have experienced an extraordinary decline in inflation since the early … 1970s. After peaking in 1974 at 17.3 percent, inflation in these economies declined to 3.5 percent in 2017. Despite a … checkered history of managing inflation among many EMDEs, disinflation occurred across all regions. This paper presents a …
Persistent link: https://www.econbiz.de/10011980872
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Money and Production, and Liquidity Trap
Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2006
We prove the existence of monetary equilibrium in a finite horizon economy with production. We also show that if agents expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future, then the economy will fall into a liquidity trap...
Persistent link: https://www.econbiz.de/10005762579
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The Zero Lower Bound on Nominal Interest Rates and Monetary Policy Effectiveness: a Survey
Ullersma, C.A. - de Nederlandsche Bank - 2001
This paper surveys the literature on monetary policy at the zero lower bound on nominal interest rates. Certain crucial insights regarding expectations have been neglected in recent research in this field. Taking this into account, the interactions between demand and supply shocks appear crucial...
Persistent link: https://www.econbiz.de/10005106759
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Overcoming the Zero Bound on Nominal Interest Rates: Gesell's Currency Carry Tax vs. Eisler's arallel Virtual Currency
Buiter, Wilem H. - Institute of Economic Research, Hitotsubashi University - 2005
Despite the zero lower bound on the short nominal interest rate in Japan having become a binding constraint …, conventional monetary policy in Japan, in the form of generalised open market purchases of government securities of all maturities …
Persistent link: https://www.econbiz.de/10005783988