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Price deflation, money demand, and monetary policy discontinuity: a comparative view of Japan, China, and the United States

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  • Cargill, Thomas F.
  • Parker, Elliott

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  • Cargill, Thomas F. & Parker, Elliott, 2004. "Price deflation, money demand, and monetary policy discontinuity: a comparative view of Japan, China, and the United States," The North American Journal of Economics and Finance, Elsevier, vol. 15(1), pages 125-147, March.
    • Handle: RePEc:eee:ecofin:v:15:y:2004:i:1:p:125-147
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    1. Xu, Yingfeng, 1998. "Money Demand in China: A Disaggregate Approach," Journal of Comparative Economics, Elsevier, vol. 26(3), pages 544-564, September.
    2. Uhlig, Harald, 2000. "Should We Be Afraid of Friedman's Rule?," Journal of the Japanese and International Economies, Elsevier, vol. 14(4), pages 261-303, December.
    3. Yu, Qiao, 1997. "Economic Fluctuation, Macro Control, and Monetary Policy in the Transitional Chinese Economy," Journal of Comparative Economics, Elsevier, vol. 25(2), pages 180-195, October.
    4. Krugman, Paul, 2000. "Thinking About the Liquidity Trap," Journal of the Japanese and International Economies, Elsevier, vol. 14(4), pages 221-237, December.
    5. Orphanides, Athanasios, 2004. "Monetary policy in deflation: the liquidity trap in history and practice," The North American Journal of Economics and Finance, Elsevier, vol. 15(1), pages 101-124, March.
    6. Fujiki, Hiroshi & Hsiao, Cheng & Shen, Yan, 2002. "Is There a Stable Money Demand Function under the Low Interest Rate Policy? A Panel Data Analysis," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 20(2), pages 1-23, April.
    7. Hasan, Mohammad S., 1999. "Monetary Growth and Inflation in China: A Reexamination," Journal of Comparative Economics, Elsevier, vol. 27(4), pages 669-685, December.
    8. Hafer R. W. & Kutan A. M., 1993. "Further Evidence on Money, Output, and Prices in China," Journal of Comparative Economics, Elsevier, vol. 17(3), pages 701-709, September.
    9. Bennett T. McCallum, 2000. "Theoretical analysis regarding a zero lower bound on nominal interest rates," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, pages 870-935.
    10. Orphanides, Athanasios, 2004. "Erratum to "Monetary policy in deflation: the liquidity trap in history and practice" [North Am. J. Econ. Finance 15 (1) (2004) 101-124]," The North American Journal of Economics and Finance, Elsevier, vol. 15(2), pages 265-265, August.
    11. Robert L. Hetzel, 2003. "Japanese monetary policy and deflation," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 89(Sum), pages 21-52.
    12. Uhlig, H.F.H.V.S., 2000. "Should we be Afraid of Friedman's Rule?," Other publications TiSEM 75057545-86e1-4482-b63d-c, Tilburg University, School of Economics and Management.
    13. Bahmani-Oskooee, Mohsen, 2001. "How stable is M2 money demand function in Japan?," Japan and the World Economy, Elsevier, vol. 13(4), pages 455-461, December.
    14. Yu, Qiao & Tsui, Albert K., 2000. "Monetary services and money demand in China," China Economic Review, Elsevier, vol. 11(2), pages 134-148, December.
    15. Henry C. Simons, 1936. "Rules versus Authorities in Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 44(1), pages 1-1.
    16. Cargill, Thomas F. & Parker, Elliott, 2004. "Price deflation and consumption: central bank policy and Japan's economic and financial stagnation," Journal of Asian Economics, Elsevier, vol. 15(3), pages 493-506, June.
    17. Karl Brunner & Allan H. Meltzer, 1968. "Liquidity Traps for Money, Bank Credit, and Interest Rates," Journal of Political Economy, University of Chicago Press, vol. 76(1), pages 1-1.
    18. Parker Elliott, 1995. "Shadow Factor Price Convergence and the Response of Chinese State-Owned Construction Enterprises to Reform," Journal of Comparative Economics, Elsevier, vol. 21(1), pages 54-81, August.
    19. Okina, Kunio, 1999. "Monetary Policy under Zero Inflation: A Response to Criticisms and Questions Regarding Monetary Policy," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 17(3), pages 157-182, December.
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    Cited by:

    1. Richard CK Burdekin & Ilan Noy, 2005. "What Has Driven Chinese Monetary Policy Since 1990? Investigating the People's Bank's Policy Rule," Economics Study Area Working Papers 85, East-West Center, Economics Study Area.
    2. Meixing Dai, 2006. "Inflation-targeting under a Managed Exchange Rate: the Case of the Chinese Central Bank," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 4(3), pages 199-219.
    3. Granville, Brigitte & Mallick, Sushanta & Zeng, Ning, 2011. "Chinese exchange rate and price effects on G3 import prices," Journal of Asian Economics, Elsevier, vol. 22(6), pages 427-440.
    4. Guerrero, Federico & Parker, Elliott, 2006. "Deflation and recession: Finding the empirical link," Economics Letters, Elsevier, vol. 93(1), pages 12-17, October.
    5. Pierre L. Siklos & Yang Zhang, 2010. "Identifying The Shocks Driving Inflation In China," Pacific Economic Review, Wiley Blackwell, vol. 15(2), pages 204-223, May.
    6. Cargill, Thomas F. & Parker, Elliott, 2004. "Price deflation and consumption: central bank policy and Japan's economic and financial stagnation," Journal of Asian Economics, Elsevier, vol. 15(3), pages 493-506, June.
    7. repec:kap:iaecre:v:14:y:2008:i:1:p:36-47 is not listed on IDEAS
    8. Aulia Rayna ASMADINA & Ariodillah HIDAYAT & Imam ASNGARI & Sri ANDAIYANI, 2021. "The Covid-19 Pandemic and Inflation in Indonesia," Romanian Journal of Economics, Institute of National Economy, vol. 53(2(62)), pages 27-39, December.
    9. Burdekin, Richard C.K. & Siklos, Pierre L., 2008. "What has driven Chinese monetary policy since 1990? Investigating the People's bank's policy rule," Journal of International Money and Finance, Elsevier, vol. 27(5), pages 847-859, September.
    10. Thomas F. Cargill, 2005. "A tale of two monetary policies: Korea and Japan," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue apr15.
    11. Mehrotra, Aaron N., 2007. "Exchange and interest rate channels during a deflationary era--Evidence from Japan, Hong Kong and China," Journal of Comparative Economics, Elsevier, vol. 35(1), pages 188-210, March.
    12. Claudio Morana, 2005. "The Japanese deflation: has it had real effects? Could it have been avoided?," Applied Economics, Taylor & Francis Journals, vol. 37(12), pages 1337-1352.
    13. Bhattarai, Keshab & Mallick, Sushanta, 2013. "Impact of China's currency valuation and labour cost on the US in a trade and exchange rate model," The North American Journal of Economics and Finance, Elsevier, vol. 25(C), pages 40-59.
    14. Aaron Mehrotra, 2008. "Demand for Money in Transition: Evidence from China’s Disinflation," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 14(1), pages 36-47, February.
    15. repec:rim:rimwps:34-07 is not listed on IDEAS
    16. Mustafa Çakir & Alain Kabundi, 2017. "Transmission of China's Shocks to the BRIS Countries," South African Journal of Economics, Economic Society of South Africa, vol. 85(3), pages 430-454, September.
    17. Mehrotra, Aaron N., 2007. "Exchange and interest rate channels during a deflationary era--Evidence from Japan, Hong Kong and China," Journal of Comparative Economics, Elsevier, vol. 35(1), pages 188-210, March.
    18. repec:zbw:bofitp:2005_017 is not listed on IDEAS
    19. Min Gong & Wenpu Li, 2010. "Assessing the role of aggregate demand and supply shocks in China’s macroeconomic fluctuation," Frontiers of Economics in China, Springer;Higher Education Press, vol. 5(3), pages 464-488, September.
    20. repec:zbw:bofitp:2006_010 is not listed on IDEAS
    21. Bodo Herzog, 2015. "Anchoring of expectations: The role of credible targets in a game experiment," Journal of Economic and Financial Studies (JEFS), LAR Center Press, vol. 3(6), pages 1-15, December.
    22. Aaron Mehrotra, 2008. "Demand for Money in Transition: Evidence from China’s Disinflation," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 14(1), pages 36-47, February.

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