A Post-Reflation Monetary Framework for Japan

 
Author/Editor: Stone, Mark R. ; Kramer, Charles Frederick
 
Publication Date: April 01, 2005
 
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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(s): Monetary policy | Japan | Monetary operations | Deflation

Author's Keyword(s): Monetary policy | monetary operations | Japan | deflation
 
English
Publication Date: April 01, 2005
ISBN/ISSN: 1934-7073 Format: Paper
Stock No: WPIEA2005073 Pages: 28
Price:
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