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Japan’s Postwar Monetary Policies: Taylor Rules or Something Else?

In: Japan’s Lost Decade

Author

Listed:
  • James R. Rhodes

    (National Graduate Institute for Policy Studies (GRIPS))

  • Naoyuki Yoshino

    (Asian Development Bank Institute (ADBI)
    Keio University)

Abstract

This brief chapter investigates postwar Japanese monetary policies through the lens of the Taylor equation and the associated Taylor rule. We break from previous studies in extending the investigation back to the early postwar period and by examining the stability of the Taylor specification in various subperiods. In general, we find little support for the Taylor equation in the Japan case. A possible exception is the period from 1980–1997, but this was a period of the “bubble economy” and subsequent “Lost Decade.” We see this as setting the stage for a more detailed description and assessment of Japan’s postwar monetary policies.

Suggested Citation

  • James R. Rhodes & Naoyuki Yoshino, 2017. "Japan’s Postwar Monetary Policies: Taylor Rules or Something Else?," ADB Institute Series on Development Economics, in: Naoyuki Yoshino & Farhad Taghizadeh-Hesary (ed.), Japan’s Lost Decade, chapter 0, pages 109-116, Springer.
    • Handle: RePEc:spr:adbchp:978-981-10-5021-3_5
    DOI: 10.1007/978-981-10-5021-3_5
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    More about this item

    Keywords

    Monetary policy; Bank of Japan; Taylor rule;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • 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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