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Objectives and makings of monetary policy in Japan
journal contribution
posted on 2015-11-04, 15:07 authored by Kazumi Asako, Christopher SpencerChristopher Spencer, Zhentao LiuWe attempt to identify significant objectives of monetary policy for the period from 1990 to 2013 and compare the results to those obtained by Asako and Kanoh (1997) for an earlier sample period. With the introduction of nontraditional monetary policy management such as zero-interest-rate policy and quantitative-easing policy, we find and examine some important shifts in the role of government bonds modeled by Asako and Kanoh as one of five stabilizing objectives of the monetary policy. We also look into the making of the monetary policy by focusing on the votes by the Bank of Japan Policy Board members.
History
School
- Business and Economics
Department
- Economics
Published in
Economic ReviewVolume
66Issue
2Pages
97 - 114 (18)Citation
ASAKO, K., SPENCER, C. and LIU, Z., 2015. Objectives and makings of monetary policy in Japan. Economic Review (Keizai Kenkyuu), 66 (2), pp. 97 - 114.Publisher
Iwanami Shoten / © Institute of Economic Research, Hitotsubashi UniversityVersion
- AM (Accepted Manuscript)
Publisher statement
This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/Publication date
2015Notes
This article is in Japanese and is closed access.ISSN
0022-9733Publisher version
Language
- ja