Japanese Monetary Policy, Rules or Discretion? A Reconsideration

Kazuo Ueda

Chapter 9 in Towards More Effective Monetary Policy, 1997, pp 253-295 from Palgrave Macmillan

Abstract: 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.

Keywords: Interest Rate; Monetary Policy; Central Bank; Asset Price; Current Account (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-25382-1_9

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DOI: 10.1007/978-1-349-25382-1_9

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