Inflation and Central Bank Independence: Is Japan Really an Outlier?
AbstractThe Bank of Japan has often been viewed as an outlier in combining low inflation with little formal central bank independence. This view has been based mainly on simple correlations between average inflation and measures of central bank independence. When additional factors that might account for cross-country variation in inflation rates are incorporated into the empirical analysis, Japan no longer appears to be a significant outlier. Since reputational considerations may have played a role in supporting a low-inflation environment in Japan, a simple model is used to show how increased political competition might affect equilibrium inflation.
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Bibliographic InfoArticle provided by Institute for Monetary and Economic Studies, Bank of Japan in its journal Monetary and Economic Studies.
Volume (Year): 15 (1997)
Issue (Month): 1 (May)
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Postal: 2-1-1 Nihonbashi, Hongoku-cho, Chuo-ku, Tokyo 103
Web page: http://www.imes.boj.or.jp/
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Find related papers by JEL classification:
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
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