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Japanese monetary policy: a quantity theory perspective

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Author Info
Robert L. Hetzel
Abstract

A deflationary monetary policy is responsible for the prolonged economic stagnation in Japan in the decade of the nineties. Monetary policy in the recent period contrasts with the nominal output targeting of the prior period that produced stability in both the price level and real growth.

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Article provided by Federal Reserve Bank of Richmond in its journal Economic Quarterly.

Volume (Year): (1999)
Issue (Month): Win ()
Pages: 1-26
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Handle: RePEc:fip:fedreq:y:1999:i:win:p:1-26

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Keywords: Monetary policy Japan

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August. [Downloadable!] (restricted)
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  2. Reuven Glick & Michael Hutchison, 1992. "Monetary policy, intervention, and exchange rates in Japan," Proceedings, Federal Reserve Bank of San Francisco, issue Sep.
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  3. Alexander L. Wolman, 1997. "Zero inflation and the Friedman rule: a welfare comparison," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 1-21. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Edward Nelson, 2007. "The great inflation and early disinflation in Japan and Germany," Working Papers 2006-052, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  2. Claudio Morana, 2004. "The Japanese Deflation: Has It Had Real Effects? Could It Have Been Avoided?," ICER Working Papers 29-2004, ICER - International Centre for Economic Research. [Downloadable!]
  3. Svensson, Lars, 2000. "The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap," Seminar Papers 687, Stockholm University, Institute for International Economic Studies. [Downloadable!]
    Other versions:
  4. Matt Klaeffling & Victor Lopez Perez, 2003. "Inflation targets and the liquidity trap," Working Paper Series 272, European Central Bank. [Downloadable!]
  5. Robert L. Hetzel, 2002. "German monetary history in the second half of the twentieth century: from the deutsche mark to the euro," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 29-64. [Downloadable!]
  6. Shu Wu & Shigeru Iwata, 2004. "Estimating Monetary Policy Effects When Interest Rates are Bounded at Zero," Econometric Society 2004 Far Eastern Meetings 478, Econometric Society. [Downloadable!]
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This page was last updated on 2008-8-30.


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