松林洋一・中村保・青木浩介・高橋亘（共）著／不確実性の時代の金融政策 Monetary Policies in the Age of Uncertainty (Springerbriefs in Economics)

Matsubayashi, Yoichi/ Nakamura, Tamotsu/ Aoki, Kosuke

Springer Verlag, Singapore（2021/08発売）

• 製本 Paperback:紙装版/ペーパーバック版／ページ数 61 p.
• 言語 ENG
• 商品コード 9789811641459
• DDC分類 339

Full Description

This book provides an interesting review of Japanese monetary policies after the bubble economy. The Bank of Japan was the first central bank in advanced economies to implement the unconventional monetary policies during the period. After the Lehman shock, most advanced economies also carried out similar monetary policies to boost their own economies. The Japanese experience in the 1990s and 2000s no doubt played a key role during the period. Although various aspects of the experiences have been examined, not many books have been published based on intensive discussions between the macro and monetary theorists who have been active in academics and the practitioners who have actually been involved in monetary policy. This small but important book has focused on the Japanese experience. Evaluation of that experience found that three solid pillars are of crucial importance: theory, institution, and experience. Those form the basis of the book, without theory, no policies will be formulated and implemented, and implementation depends crucially on institution. Chapter 1 provides a clear theoretical background for the unconventional monetary policies and inflation targeting. Chapter 2 intensively explores the meaning and desirability of the independence of central banks. Chapter 3 reviews the consequences of the Japanese monetary policies in recent decades in comparison with those in other advanced economies.

Contents

Chapter 1  Effects of Unconventional Monetary Policy and Inflation Target.- Chapter 2  Central Bank Independence under Changing Environment.- Chapter 3  Japanese Experiences in International Comparison.- Afterword.