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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; inflation; monetary policy; inflation objective; inflation targeting; price stability; inflation target; monetary regime; central bank; monetary fund; money market; financial stability; monetary framework; monetary regimes; monetary conditions; monetary policy framework; monetary transmission; low inflation; inflation-targeting; long-term interest rates; monetary transmission mechanism; foreign exchange; monetary policy transmission mechanism; reserve requirements; inflationary pressures; monetary economics; money demand; inflation performance; aggregate demand; inflation dynamics; nominal interest rates; monetary policy implementation; money markets; measure of inflation; discount rate; price level; actual inflation; monetary system; national bank; interest rate targeting; high inflation; monetary instruments; inflation rates; monetary targeting; government securities; monetary nonautonomy; rise in inflation; lower inflation; monetary transmission process; monetary policy objectives; monetary policy transparency; monetary systems; monetary policy frameworks; reserve requirement; inflation rate; monetary regime choice;

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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. Bennett T. McCallum, 2000. "Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates," NBER Working Papers 7677, National Bureau of Economic Research, Inc.
  3. Gauti B. Eggertsson, 2003. "How to Fight Deflation in a Liquidity Trap," IMF Working Papers 03/64, International Monetary Fund.
  4. 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.
  5. 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?," Working Papers Central Bank of Chile 101, Central Bank of Chile.
  6. Laurence H. Meyer, 2001. "Inflation targets and inflation targeting," Review, Federal Reserve Bank of St. Louis, issue Nov., pages 1-14.
  7. Carare, Alina & Stone, Mark R., 2006. "Inflation targeting regimes," European Economic Review, Elsevier, vol. 50(5), pages 1297-1315, July.
  8. Tamim Bayoumi & James Morsink, 1999. "A Peek Inside the Black Box," IMF Working Papers 99/137, International Monetary Fund.
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Cited by:
  1. 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..
  2. Carare, Alina & Stone, Mark R., 2006. "Inflation targeting regimes," European Economic Review, Elsevier, vol. 50(5), pages 1297-1315, July.

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