Search Results
Journal Article
What makes a central bank credible?
Journal Article
Beyond zero: transparency in the Bank of Japan’s monetary policy
Japan?s economy has problems that, undoubtedly, are more complex than monetary policy might be expected to solve. But other kinds of policy actions stand a better chance of success when monetary policy is transparent. Transparency means that market participants? anticipations of central bank actions are congruent with those of policymakers themselves. The Bank of Japan has made repeated efforts toward greater transparency since achieving independence in 1998.
Journal Article
Inflation targeting for the Bank of Japan?
Journal Article
Political pressure on the bank of Japan: interference or accountability?
Markets have come to believe that the Bank of Japan can and will raise Japan?s inflation rate to meet its new target.
Journal Article
Quantitative easing by the Bank of Japan
Journal Article
Recent banking sector reforms in Japan
The author, chief manager of the financial system division of the Bank of Japan, discusses the Bank's recent efforts to maintain the stability of Japan's financial system.
Journal Article
Central bank capital, financial strength, and the Bank of Japan
This Economic Letter addresses central bank capital and financial strength in the context of Bank of Japan policy (Cargill 2005). Specifically, it reviews general considerations about central bank capital and financial strength, discusses recent Bank of Japan policy in the context of capital structure, evaluates the Bank of Japan's concern in the context of the broader issue of central bank independence, and draws some lessons from recent Bank of Japan policy.
Journal Article
Did quantitative easing by the Bank of Japan "work"?
The success, or lack thereof, of the Bank of Japan's quantitative easing program is of interest not only as an important experience in Japanese economic history, but more generally as an unprecedented experiment in monetary policy under very low nominal interest rates. In this Economic Letter, I review the evidence that has emerged to date concerning the impact of the quantitative easing policy.
Conference Paper
Summary panel: Japan's experience with zero interest rates
The current policy stance of the BOJ has an automatic stabilizer element in it despite the fact that we have hit the zero rate bound. That is to say, the promise to "keep the zero rate until deflationary concerns are over" puts downward pressure on long-term interest rates when people see negative signs about the economy because they expect the zero rate to stay for a longer period of time. A similar thing will happen anyway. But the current commitment seems to have strengthened the effect.
Speech
Why financial stability is a necessary prerequisite for an effective monetary policy
Remarks at the Andrew Crockett Memorial Lecture, Bank for International Settlements 2013 Annual General Meeting, Basel, Switzerland.