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A Post-Reflation Monetary Framework for Japan

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Author Info

  • Mark R. Stone
  • Charles Frederick Kramer

Abstract

Modifications to Japan's monetary policy framework will be needed as positive inflation resumes because the current monetary regime and operations are tailored to ending deflation. The paper suggests that the monetary regime should move from an "anti-deflation" objective to an inflation objective, complemented by a shift of monetary operations from a quantitative operating target to an interest rate target. There are also questions about the timing of these shifts and the particulars of such arrangements, but decisive answers are elusive.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/73.

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Length: 28
Date of creation: 01 Apr 2005
Date of revision:
Handle: RePEc:imf:imfwpa:05/73

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Related research

Keywords: Monetary operations;

This paper has been announced in the following NEP Reports:

References

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  1. Auerbach, Alan J. & Obstfeld, Maurice, 2012. "The Case for Open-Market Purchases in a Liquidity Trap," Center for International and Development Economics Research, Working Paper Series qt4tm5h0s3, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  2. Tamim Bayoumi & James Morsink, 1999. "A Peek Inside the Black Box: The Monetary Transmission Mechanism in Japan," IMF Working Papers 99/137, International Monetary Fund.
  3. Laurence H. Meyer, 2001. "Inflation targets and inflation targeting," Review, Federal Reserve Bank of St. Louis, issue Nov., pages 1-14.
  4. Carare, Alina & Stone, Mark R., 2006. "Inflation targeting regimes," European Economic Review, Elsevier, vol. 50(5), pages 1297-1315, July.
  5. Gauti B. Eggertsson, 2003. "How to Fight Deflation in a Liquidity Trap: Committing to Being Irresponsible," IMF Working Papers 03/64, International Monetary Fund.
  6. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?," NBER Working Papers 8397, National Bureau of Economic Research, Inc.
  7. Bennett T. McCallum, 2000. "Theoretical analysis regarding a zero lower bound on nominal interest rates," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, pages 870-935.
  8. Okina, Kunio & Shiratsuka, Shigenori, 2004. "Policy commitment and expectation formation: Japan's experience under zero interest rates," The North American Journal of Economics and Finance, Elsevier, vol. 15(1), pages 75-100, March.
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Citations

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Cited by:
  1. Alina Carare & Mark R. Stone, 2003. "Inflation Targeting Regimes," IMF Working Papers 03/9, International Monetary Fund.
  2. Lars E.O. Svensson, 2006. "Monetary Policy and Japan’s Liquidity Trap," Working Papers 76, Princeton University, Department of Economics, Center for Economic Policy Studies..

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