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Author/Editor:
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Stone, Mark R. ; Kramer, Charles Frederick
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Publication Date:
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April 01, 2005
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Electronic Access:
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Free Full text
(PDF file size is 431KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Modifications to Japan's monetary policy framework will be needed as positive inflation resumes because the current monetary regime and operations are tailored to ending deflation. The paper suggests that the monetary regime should move from an "anti-deflation" objective to an inflation objective, complemented by a shift of monetary operations from a quantitative operating target to an interest rate target. There are also questions about the timing of these shifts and the particulars of such arrangements, but decisive answers are elusive.
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Order a print copy
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Series:
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Working Paper No. 05/73
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Subject(s):
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Monetary policy | Japan | Monetary operations | Deflation
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Author's Keyword(s):
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Monetary policy | monetary operations | Japan | deflation |
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