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Objectives and makings of monetary policy in Japan

journal contribution
posted on 04.11.2015, 15:07 by Kazumi Asako, Christopher Spencer, Zhentao Liu
We 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 Review

Volume

66

Issue

2

Pages

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 University

Version

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

2015

Notes

This article is in Japanese and is closed access.

ISSN

0022-9733

Language

ja

Usage metrics

Loughborough Publications

Keywords

Exports