Monetary Policy In Deflation
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| Author | : Kenneth J. Singleton |
| Publisher | : University of Chicago Press |
| Total Pages | : 208 |
| Release | : 2007-12-01 |
| Genre | : Business & Economics |
| ISBN | : 0226760685 |
How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.
| Author | : Philipp Bagus |
| Publisher | : Springer |
| Total Pages | : 228 |
| Release | : 2014-12-26 |
| Genre | : Business & Economics |
| ISBN | : 3319134280 |
This book analyses the causes and consequences of deflation. In contrast to the widespread belief that deflation would be harmful to the economy as a whole, the author argues that free market deflation is liberating and beneficial. Several myths of deflation are exposed and the reasons for the widespread deflation phobia that serves to justify expansionary monetary policy, i.e., inflation are investigated. Two historical case studies, the growth deflation in the US after the Civil War and the bank credit deflation in Germany during the Great Depression are discussed to illustrate the points made in the theoretical analysis of deflation.
| Author | : Yoshiko Kojo |
| Publisher | : Cornell University Press |
| Total Pages | : 342 |
| Release | : 2018-11-15 |
| Genre | : Political Science |
| ISBN | : 1501728199 |
Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped. With Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics—an economic agenda to reflate the economy—and Abe's appointment of new leadership at the BOJ. As Taming Japan's Deflation shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network. The explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis of the politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but Taming Japan's Deflation shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network.
| Author | : A. Gary Shilling |
| Publisher | : Lakeview Publishing |
| Total Pages | : 404 |
| Release | : 1998 |
| Genre | : Business & Economics |
| ISBN | : |
How will the coming deflation affect you? What strategies will work in the deflation years ahead? Look inside for:
| Author | : R. Glenn Hubbard |
| Publisher | : University of Chicago Press |
| Total Pages | : 420 |
| Release | : 1991-08-13 |
| Genre | : Business & Economics |
| ISBN | : 9780226355887 |
Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.
| Author | : Chris Farrell |
| Publisher | : Harper Collins |
| Total Pages | : 244 |
| Release | : 2005-09-06 |
| Genre | : Business & Economics |
| ISBN | : 0060576464 |
Deflation is one of the most feared terms in economics.
| Author | : Michael D. Bordo |
| Publisher | : University of Chicago Press |
| Total Pages | : 545 |
| Release | : 2013-06-28 |
| Genre | : Business & Economics |
| ISBN | : 0226066959 |
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
| Author | : Peter J. N. Sinclair |
| Publisher | : Routledge |
| Total Pages | : 402 |
| Release | : 2009-12-16 |
| Genre | : Business & Economics |
| ISBN | : 1135179778 |
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
| Author | : Graham Tanaka |
| Publisher | : McGraw Hill Professional |
| Total Pages | : 434 |
| Release | : 2001-11-22 |
| Genre | : Business & Economics |
| ISBN | : 0071389679 |
Praise for Digital Deflation: "Technology, productivity, deflation, and wealth creation. It's all here, and Graham Tanaka is right on target!" --Lawrence Kudlow, CNBC's "Kudlow & Cramer." "Whether you're bullish, bearish or in between, this is an important book for all investors to read!" --Dr. Edward Yardeni, Chief Investment Strategist, Prudential Securities "Once in a great while, an original and thought-provoking book comes along. Digital Deflation is it--a must read!" --Thomas R. Schwarz, former president and COO, Dunkin' Donuts, Inc. "Graham Tanaka has sensed, well ahead of most, the issues surrounding the possible emergence of 'deflation.' He demonstrates that our measurement processes, tuned as they are to inflation, are not picking up the declines in real prices that are occurring--and that we are missing the implications for our economy and corporate strategies." --William C. Dunkelberg, chief economist, National Federation of Independent Business "Consumers spend on goods and services with the greatest quality improvement rather than merely responding to price information. Thank Graham Tanaka for laying out this and other valuable insights in Digital Deflation. Read it." --Wayne Angell, former Federal Reserve Governor How the "digital revolution" is driving today's economy--and its impact on corporations, government policy, and the stock market New technologies have transformed how today's economy works. Digital Deflationexamines this new economic environment, from how we got here to where we are going. Eye-opening yet solidly grounded, it explains how low inflation and interest rates, coupled with technology-driven productivity gains, will create massive wealth in the coming decades, and benefit stock market P/E multiples over the long term. Combining insightful analyses with convincing charts and graphs, Digital Deflationprovides a clear understanding of how digital technologies will continue to alter every aspect of business. Readers will discover: Why inflation declined so dramatically in the 1980s and 1990s, and is likely to head even lower New measures of economic activity and how they will affect policy The laws of digital deflation--how they work and what they mean for corporate decision makers
| Author | : Ben S. Bernanke |
| Publisher | : University of Chicago Press |
| Total Pages | : 469 |
| Release | : 2007-11-01 |
| Genre | : Business & Economics |
| ISBN | : 0226044734 |
Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
