A Post-Reflation Monetary Framework for Japan

Author/Editor:

Charles Frederick Kramer ; Mark R. Stone

Publication Date:

April 1, 2005

Electronic Access:

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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

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.

Series:

Working Paper No. 05/73

Subject:

English

Publication Date:

April 1, 2005

ISBN/ISSN:

9781451860924/1018-5941

Stock No:

WPIEA2005073

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

28

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