This paper analyzes the extent to which Japan's success at maintaining a low and stable inflation rate since the mid …-1970s, while avoiding a major recession, is attributable to a switch in monetary control procedures by the Bank of Japan … toward a so-called "money focused" monetary policy. Through estimation of an explicit Bank of Japan (BoJ) reaction function …

This paper examines the issue of whether differences in money targeting or base-drift procedures between Japan and the … U.S. are significant contributing factors to Japan's superior macroeconomic performance over the last decade, and … concludes that these procedures probably are not important factors. ; We compare Bank of Japan (BoJ) money growth projections …