An edition of Inflation targeting and Japan (2004)

Inflation targeting and Japan

why has the Bank of Japan not adopted inflation targeting?

Inflation targeting and Japan
Takatoshi Itō, Takatoshi Itō
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Last edited by MARC Bot
December 13, 2020 | History
An edition of Inflation targeting and Japan (2004)

Inflation targeting and Japan

why has the Bank of Japan not adopted inflation targeting?

"The paper aims at explaining why the Bank of Japan has not adopted inflation targeting, despite calls for such a policy. Disclosed minutes of the Monetary Policy Meetings of the Bank of Japan, after March 1998, as well as Speeches by its members give clues to changing reasons against inflation targeting. Inflation targeting was not adopted in Japan in the early years (the first wave of interest in1999-2000) because the Board members were not sure about an appropriate price index, and a specific number for an appropriate inflation rate. A Bank of Japan study, completed in October 2000, did not give any clear answers. Inflation targeting was not adopted in later years (2001-2003), despite the inflation-targeting-like commitment strategy adopted in March 2001, because the Board members thought that conventional tools to increase the inflation rate were not available. As such, they thought that announcing a target with a positive inflation rate would damage confidence. In terms of introducing unconventional measures, the Bank of Japan worried about the transmission channels and the damage to its balance sheet. Towards the end of Governor Hayami fs term, the views against inflation targeting turned sharply negative, as news reports suggested that it may be linked to the new Governor fs appointment. Therefore, , why inflation targeting was not adopted, can be explained and understood from a political economy perspective"--National Bureau of Economic Research web site.

Publish Date
Language
English

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Edition Notes

Includes bibliographical references.
Title from PDF file as viewed on 1/7/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.

Published in
Cambridge, MA
Series
NBER working paper series ;, working paper 10818, Working paper series (National Bureau of Economic Research : Online) ;, working paper no. 10818.

Classifications

Library of Congress
HB1

The Physical Object

Format
Electronic resource

ID Numbers

Open Library
OL3475923M
LCCN
2005615368

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December 13, 2020 Edited by MARC Bot import existing book
August 4, 2012 Edited by VacuumBot Updated format '[electronic resource] :' to 'Electronic resource'
December 12, 2009 Edited by WorkBot link works
October 31, 2008 Edited by ImportBot add URIs from original MARC record
April 1, 2008 Created by an anonymous user Imported from Scriblio MARC record