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Japan's monetary policy transition, 1955-2004

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Author Info
Rhodes, James
Yoshino, Naoyuki

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Abstract

This paper surveys the postwar evolution of Bank of Japan (BOJ) monetary policy. Using both qualitative and quantitative data, we describe the changes in the money supply process in response to changing institutional constraints. We focus on the transition from quantitative to qualitative control mechanisms, illuminating, in particular, the important role of the BOJ’s lending guidance (window guidance) in the early periods and financial liberalization in subsequent periods. Monetary policy reaction functions are estimated and used to verify major changes in policy instruments, targets, and indicators.

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File URL: http://mpra.ub.uni-muenchen.de/4387/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4387.

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Date of creation: 2005
Date of revision: Jun 2007
Handle: RePEc:pra:mprapa:4387

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Related research
Keywords: Japanese Monetary Policy

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Find related papers by JEL classification:
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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  1. Rhodes, James R & Yoshino, Naoyuki, 1999. "Window Guidance by the Bank of Japan: Was the Lending Controlled?," Contemporary Economic Policy, Oxford University Press, vol. 17(2), pages 166-76, April.
  2. Revankar, Nagesh S & Yoshino, Naoyuki, 1990. "An 'Expanded Equation' Approach to Weak-Exogeneity Tests in Structural Systems and a Monetary Application," The Review of Economics and Statistics, MIT Press, vol. 72(1), pages 173-77, February. [Downloadable!] (restricted)
  3. Bruce Kasman & Anthony P. Rodriques, 1991. "Financial liberalization and monetary control in Japan," Quarterly Review, Federal Reserve Bank of New York, issue fall, pages 28-46.
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