A Post-Reflation Monetary Framework for Japan

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A Post-Reflation Monetary Framework for Japan

Author Info

Charles Frederick Kramer
Mark R. Stone

Additional information is available for the following registered author(s):

Mark Richard Stone

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

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Length: 28 pages
Date of creation: 20 Apr 2005
Date of revision:
Handle: RePEc:imf:imfwpa:05/73

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This paper has been announced in the following NEP Reports:

NEP-ALL-2005-10-22 (All new papers)
NEP-CBA-2005-10-22 (Central Banking)
NEP-FIN-2005-10-22 (Finance)
NEP-MAC-2005-10-22 (Macroeconomics)
NEP-MON-2005-10-22 (Monetary Economics)
NEP-SEA-2005-10-22 (South East Asia)

References listed on IDEAS
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Other versions:
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Other versions:
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Other versions:
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Other versions:
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