Search Results
Speech
Lessons at the zero bound: the Japanese and U.S. experience
Remarks at the Japan Society, New York City.
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.
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
Inflation targeting for the Bank of Japan?
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
Unconventional Monetary Policy and International Interest Rate Spillovers
After the 2008 global financial crisis, advanced economies turned to unconventional monetary policies to provide additional monetary stimulus while short-term interest rates were constrained by their effective lower bound. However, the speed of economic recovery differed markedly among these economies, leading to differences in the timing and intensity of unconventional monetary policies across central banks. These differences may have generated “spillover effects” that undermined policy tightening in the United States after 2015.Karlye Dilts Stedman assesses whether monetary policies ...
Journal Article
Japan's approach to monetary policy
The goal of monetary policy as conducted by the Bank of Japan is to contribute to the sound development of the national economy through the pursuit of price stability. The objective of price stability, however, is not precisely defined as it has been for other central banks. Following the implementation of the new Bank of Japan Law in 1998, the monetary policy framework is characterized by central bank independence, the primacy of the price stability objective, instrument independence, and policy decisions made by a monetary policy committee with regular meetings and published minutes. At its ...