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Model Representations of Japanese Monetary Policy

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  • Ralph C. Bryant

    (Senior Fellow, The Brookings Institution, U.S.A.)

Abstract

This paper reviews the issues that researchers encounter when specifying "reaction functions" to represent monetary-policy behavior in an empirical model. These issues arise not only for Japanese monetary policy, but for the behavior of any national monetary authority. The paper suggests a general approach, and then illustrates the ideas by developing reaction functions for the two main instruments of Japanese domestic monetary policy (the interbank call rate and the Bank of Japan's discount rate). As background for its main sections, the paper also gives an overview of how the Bank of Japan implements monetary policy in actual practice.

Suggested Citation

  • Ralph C. Bryant, 1991. "Model Representations of Japanese Monetary Policy," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 9(2), pages 11-61, September.
    • Handle: RePEc:ime:imemes:v:9:y:1991:i:2:p:11-61
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    Cited by:

    1. Eric M. Leeper & Christopher A. Sims & Tao Zha, 1996. "What Does Monetary Policy Do?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 1-78.
    2. Leeper, Eric M. & Gordon, David B., 1992. "In search of the liquidity effect," Journal of Monetary Economics, Elsevier, vol. 29(3), pages 341-369, June.
    3. Sun Bae Kim & Ramon Moreno, 1993. "Money, interest rates and economic activity: stylized facts for Japan," Economic Review, Federal Reserve Bank of San Francisco, pages 12-24.
    4. McNelis, Paul D. & Asilis, Carlos M., 1995. "Monetary policy games with broad money targets a linear quadratic control analysis of the U.S. and Japan," Journal of Economic Dynamics and Control, Elsevier, vol. 19(5-7), pages 1091-1111.
    5. Kunio Okina, 1993. "Market Operations in Japan: Theory and Practice," NBER Chapters, in: Japanese Monetary Policy, pages 31-62, National Bureau of Economic Research, Inc.

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