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The Japanese Economy and Economic Policy in Light of the East Asian Financial Crisis

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  • Ramkishen Rajan

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Abstract

The depth and breadth of the East Asian financial crisis has added a sense of acute urgency for some concrete and credible measures by policy-makers to revitalise the Japanese economy. While steps to be taken for the long-run competitiveness and economic revitalisation of the Japanese economy are clear (with the only doubt being about whether and how effectively they will be implemented), those needed to boost aggregate demand in the short run are far less obvious. Given the near-zero nominal interest rates in Japan, most observers argue that an expansionary monetary policy would be ineffective. However, as with Krugman (1998a,b), we argue that once a distinction is made between real and nominal interest rates, it is logically possible for monetary policy to be effective in raising demand if it is able to create inflationary expectations. This could probably be effected through explicit announcements by the Bank of Japan of the intention to target a certain inflation rate in the future. [Working Paper No. 2]

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Paper provided by eSocialSciences in its series Working Papers with number id:2695.

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Date of creation: Jul 2010
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Handle: RePEc:ess:wpaper:id:2695

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Keywords: East Asian; financial crisis; policy-makers; revitalise; Japanese economy; nominal interest rates; expansionary monetary policy; inflationary expectations; inflation rate;

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  1. Takao Kawakita, 1996. "What the Central Bank Can and Cannot Do," Japanese Economy, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 24(5), pages 33-70, September.
  2. Robert J. Barro, 1988. "The Ricardian Approach to Budget Deficits," NBER Working Papers, National Bureau of Economic Research, Inc 2685, National Bureau of Economic Research, Inc.
  3. John Fernald & Hali Edison & Prakash Loungani, 1998. "Was China the first domino? assessing links between China and the rest of emerging Asia," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 604, Board of Governors of the Federal Reserve System (U.S.).
  4. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 72, pages 584.
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Cited by:
  1. Ramkishen Rajan, 1998. "Restraints On Capital Flows : What Are They?," Macroeconomics Working Papers, East Asian Bureau of Economic Research 22383, East Asian Bureau of Economic Research.
  2. Anisha Sabhlok, 2010. "The Evolution of Singapore Business: A Case Study Approach," Working Papers, eSocialSciences id:2818, eSocialSciences.

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