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trade dispute. In the early 1990s, Japan faced sluggish economic growth and low inflation, as well as severe structural … operational independence and the lessons learnt from Japan's bubble experience, meanwhile, the Bank of Japan (BOJ) was granted … independence under the new 1997 Bank of Japan Act. Japan's economic problems starting from the 1980s also coincided with the period …
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This paper examines the historical evolution of central bank credibility using both historical narrative and empirics for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a pendulum where credibility was high under the classical gold...
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(IT) by a major central bank, the Bank of Japan (BOJ), influenced the impact of its inflation forecasts on private sector …
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