IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-349-25382-1_9.html
   My bibliography  Save this book chapter

Japanese Monetary Policy, Rules or Discretion? A Reconsideration

In: Towards More Effective Monetary Policy

Author

Listed:
  • Kazuo Ueda

Abstract

The two major objectives of a central bank are the maintenance of the stability of prices and that of the financial system. To use harsh language, the Bank of Japan (henceforth, the BOJ) has failed to meet each of the two objectives once during the past two and a half decades. In the early 1970s the rate of inflation rose to levels above 20 percent. Since 1992 the economy has been suffering from the most serious instability in the financial system since the 1920s. The purpose of this chapter is to review the BOJ’s conduct of monetary policy over the past two to three decades and discuss the relationship between the two mistakes and the way monetary policy has been carried out.

Suggested Citation

  • Kazuo Ueda, 1997. "Japanese Monetary Policy, Rules or Discretion? A Reconsideration," Palgrave Macmillan Books, in: Iwao Kuroda (ed.), Towards More Effective Monetary Policy, chapter 9, pages 253-295, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25382-1_9
    DOI: 10.1007/978-1-349-25382-1_9
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Robert L. Hetzel, 1999. "Japanese monetary policy: a quantity theory perspective," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-26.
    2. Gunther Schnabl, 2001. "Weak Economy and Strong Currency: The Origins of the Strong Yen in the 1990s," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 70(4), pages 489-503.
    3. Orphanides, Athanasios & Wieland, Volker, 2000. "Efficient Monetary Policy Design near Price Stability," Journal of the Japanese and International Economies, Elsevier, vol. 14(4), pages 327-365, December.
    4. Lee, Byung Rhae & Lee, Kiseok & Ratti, Ronald A., 2001. "Monetary policy, oil price shocks, and the Japanese economy," Japan and the World Economy, Elsevier, vol. 13(3), pages 321-349, August.
    5. Kenneth N. Kuttner & Adam S. Posen, 2000. "Inflation, Monetary Transparency, and G3 Exchange Rate Volatility," Working Paper Series WP00-6, Peterson Institute for International Economics.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-349-25382-1_9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.