Japan's monetary policy transition, 1955-2004
AbstractThis 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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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 4387.
Date of creation: 2005
Date of revision: Jun 2007
Japanese Monetary Policy;
Other versions of this item:
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-08-14 (All new papers)
- NEP-CBA-2007-08-14 (Central Banking)
- NEP-HIS-2007-08-14 (Business, Economic & Financial History)
- NEP-MAC-2007-08-14 (Macroeconomics)
- NEP-MON-2007-08-14 (Monetary Economics)
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- Kazuo Ueda, 1993. "A Comparative Perspective on Japanese Monetary Policy: Short-Run Monetary Control and the Transmission Mechanism," NBER Chapters, in: Japanese Monetary Policy, pages 7-30 National Bureau of Economic Research, Inc.
- Bruce Kasman & Anthony P. Rodriques, 1991. "Financial liberalization and monetary control in Japan," Quarterly Review, Federal Reserve Bank of New York, issue Aut, pages 28-46.
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