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Alternative Monetary Policy Rules : A Comparison with Historical Settings for the United States, the United Kingdom, and Japan
McCallum, Bennett T. - 2000
instrument and target variables. The time spans examined are 1962-1998 for the U.S. and U.K., and 1972-1998 for Japan. In …
Persistent link: https://www.econbiz.de/10012471025
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U.S. Monetary Policy Regimes and U.S.-Japan Financial Relations
Roley, V. Vance - 1986
liberalization of restrictions on capital mobility in Japan since the late 1970s on market efficiency …
Persistent link: https://www.econbiz.de/10012477218
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Non-Monetary News in Central Bank Communication
Cieslak, Anna - 2018
We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central banks and a comprehensive classification of events, we decompose news conveyed by central banks into news about monetary policy, economic growth, and separately, shocks to risk...
Persistent link: https://www.econbiz.de/10012480685
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Uncertainty, Long-Run, and Monetary Policy Risks in a Two-Country Macro Model
Berg, Kimberly A. - 2020
We study international currency risk in a two-country dynamic stochastic general equilibrium model under incomplete markets. The underlying sources of risk are direct shocks to productivity growth, shocks to a long-run risk component of productivity growth, shocks to a stochastic volatility...
Persistent link: https://www.econbiz.de/10012481147
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The Great Disconnect : The Decoupling of Wage and Price Inflation in Japan
Hoshi, Takeo - 2020
has evolved to study inflation in Japan. Our key finding is that labor market dynamics shifted after 1998 so that …
Persistent link: https://www.econbiz.de/10012481526
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Implementation of Monetary Policy : How Do Central Banks Set Interest Rates?
Friedman, Benjamin M. - 2010
-system, or Japan. Structural estimates of banks' reserve demand, at a frequency corresponding to the required reserve maintenance … period, show no interest elasticity for the U.S. or the Euro-system (but some elasticity for Japan). The chapter next …
Persistent link: https://www.econbiz.de/10012462492
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Great Inflation and Central Bank Independence in Japan
Ito, Takatoshi - 2010
Japan suffered a very high inflation rate in 1973-74. The CPI inflation rate rose to near 30% in 1974, the highest rate … rapid yen appreciation produced political pressure on the Bank of Japan to continue easing. The Bank of Japan came out of … monetary policy should not be overruled or the high inflation would be repeated. By this logic, the Bank of Japan obtained /de …
Persistent link: https://www.econbiz.de/10012462925
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Quantitative Easing : A Rationale and Some Evidence from Japan
Wieland, Volker - 2009
of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal … Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between … 2001 and 2006 is presented. During this earlier period the Bank of Japan was able to expand the monetary base very quickly …
Persistent link: https://www.econbiz.de/10012463084
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The Japanese Bubble : A 'Heterogeneous' Approach
Barsky, Robert B. - 2009
Employing the neutral Kindleberger definition of a bubble as "an upward price movement over an extended range that then implodes", this paper explores the causes of the "Japanese Bubble" of 1985 to 1990 without precluding the possibility that the bubble was due to perceptions of fundamentals....
Persistent link: https://www.econbiz.de/10012463598
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Time of Troubles : The Yen and Japan's Economy, 1985-2008
Obstfeld, Maurice - 2009
during the period of Japan's bubble economy and subsequent stagnation. The yen experienced epic gyrations over that period … the price of oil. Since the mid-1990s, the yen's real exchange rate has generally followed a depreciating trend and Japan …
Persistent link: https://www.econbiz.de/10012463831