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Learning from Japan : the European Central Bank and the European Sovereign Debt Crisis
Gabor, Daniela - 2013
What shapes central banks' learning from the policy experiments of their peers? Both economic ideas and organizational interests play important roles. Thus, New Keynesian ideas led central banks to interpret Japan's experience with quantitative easing through the impact on risk spreads, although...
Persistent link: https://www.econbiz.de/10013089738
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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 experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking parallels. It is found that the poor reputation of the Bank...
Persistent link: https://www.econbiz.de/10012816140
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Monetary Policy When Interest Rates are Bounded at Zero
Fuhrer, Jeffrey C.; Madigan, Brian F. - 1998
This paper assesses the importance of the zero lower bound on nominal interest rates for the interest-rate channel of monetary policy. We simulate several interest-rate setting policy rules with either high or low inflation targets. We determine the extent to which the zero bound prevents real...
Persistent link: https://www.econbiz.de/10014068731
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Do central banks react to house prices?
Finocchiaro, Daria; Queijo von Heideken, Virginia - 2007
The substantial fluctuations in house prices recently experienced by many industrialized economies have stimulated a vivid debate on the possible implications for monetary policy. In this paper, we ask whether the U.S. Fed, the Bank of Japan and the Bank of England have reacted to house prices....
Persistent link: https://www.econbiz.de/10010320802
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Exchange rate regime, financial market bubbles and long-term growth in China : lessons from Japan
Schnabl, Gunther - 2016
constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate … cuts and appreciation expectation shocks. For both China and Japan - at different points of time - self-fulfilling runs …, speculative bubbles and post-bubble secular stagnation. To prevent a similar scenario for China capital controls, a tighter …
Persistent link: https://www.econbiz.de/10011475972
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From Window Guidance to Interbank Rates : Tracing the Transition of Monetary Policy in Japan and China
Angrick, Stefan - 2018
system are today found in China's monetary policy set-up. We explore the transition of these two monetary policy regimes … guidance from newspapers and industry sources. For China, we apply Romer–Romer text analysis and computational linguistic …
Persistent link: https://www.econbiz.de/10012926837
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A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan
Schnabl, Gunther; Danne, Christian - 2021
provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary …
Persistent link: https://www.econbiz.de/10013316946
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A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan
Schnabl, Gunther; Danne, Christian - CESifo - 2007
provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary …
Persistent link: https://www.econbiz.de/10005405989
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The Political Economy of Japanese Monetary and Exchange Rate Policy
Volz, Ulrich - 2011
This study analyzes the political economy of Japanese monetary and exchange rate policy, with particular emphasis on the Japanese position regarding East Asian monetary cooperation and integration. We try to disentangle the factors and interest structures behind the polices taken in order to...
Persistent link: https://www.econbiz.de/10013118498
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The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...
Persistent link: https://www.econbiz.de/10013081055