An Aggregate Demand - Aggregate Supply Analysis of Japanese Monetary Policy, 1973-1990
An aggregate demand - aggregate supply framework is used to analyze the effects of Japanese monetary policy, 1973:1-1990:8. It is found that money supply shocks contribute relatively little to output variability over the sample as a whole. Nor do these shocks seem to be particularly marked during business cycle contractions. The effects of monetary policy on prices and output appear to be quite similar to those of a constant money growth rule.
|Date of creation:||Aug 1991|
|Date of revision:|
|Publication status:||published as Japanese Monetary Policyedited by Kenneth J. Singleton University of Chicago Press; 1993, pp. 161-189|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
Web page: http://www.nber.org
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Charles I. Plosser, 1989.
"Money and business cycles: a real business cycle interpretation,"
Federal Reserve Bank of St. Louis.
- Plosser, C.I., 1989. "Money And Business Cycles A Real Business Cycle Interpretation," RCER Working Papers 210, University of Rochester - Center for Economic Research (RCER).
- Charles I. Plosser, 1990. "Money and Business Cycles: A Real Business Cycle Interpretation," NBER Working Papers 3221, National Bureau of Economic Research, Inc.
- Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
- Lucas, Robert E, Jr, 1973. "Some International Evidence on Output-Inflation Tradeoffs," American Economic Review, American Economic Association, vol. 63(3), pages 326-34, June.
- Taylor, John B, 1989. "Monetary Policy and the Stability of Macroeconomic Relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 4(S), pages S161-78, Supplemen.
- West, Kenneth D., 1992.
"Sources of cycles in Japan, 1975-1987,"
Journal of the Japanese and International Economies,
Elsevier, vol. 6(1), pages 71-98, March.
- Sims, Christopher A & Stock, James H & Watson, Mark W, 1990. "Inference in Linear Time Series Models with Some Unit Roots," Econometrica, Econometric Society, vol. 58(1), pages 113-44, January.
- Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
- Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
- Benjamin M. Friedman, 1977. "The Inefficiency of Short-Run Monetary Targets for Monetary Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 8(2), pages 293-346.
- Noland, Marcus, 1989. "Japanese Trade Elasticities and the J-Curve," The Review of Economics and Statistics, MIT Press, vol. 71(1), pages 175-79, February.
- Takatoshi Ito, 1989. "Is the Bank of Japan a Closet Monetarist? Monetary Targeting in Japan, 1978-1988," NBER Working Papers 2879, National Bureau of Economic Research, Inc.
- West, Kenneth D., 1987.
"A standard monetary model and the variability of the deutschemark-dollar exchange rate,"
Journal of International Economics,
Elsevier, vol. 23(1-2), pages 57-76, August.
- Kenneth D. West, 1986. "A Standard Monetary Model and the Variability of the Deutschemark-DollarExchange Rate," NBER Working Papers 2102, National Bureau of Economic Research, Inc.
- Bryant, R.C., 1991. "Model Representations of Japanese Monetary Policy," Papers 84, Brookings Institution - Working Papers.
- Christiano, Lawrence J. & Ljungqvist, Lars, 1988. "Money does Granger-cause output in the bivariate money-output relation," Journal of Monetary Economics, Elsevier, vol. 22(2), pages 217-235, September.
- Blanchard, Olivier Jean, 1989. "A Traditional Interpretation of Macroeconomic Fluctuations," American Economic Review, American Economic Association, vol. 79(5), pages 1146-64, December.
When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:3823. See general information about how to correct material in RePEc.
If references are entirely missing, you can add them using this form.