Objectives and Makings of Monetary Policy in Japan

Kazumi Asako, Christopher Spencer and Zhentao Liu

Economic Review, 2015, vol. 66, issue 2, 97-114

Abstract: We attempt to identify significant objectives of monetary policy for the period from 1990 to 2013 and compare the results to those obtained by Asako and Kanoh (1997) for an earlier sample period. With the introduction of nontraditional monetary policy management such as zero-interest-rate policy and quantitative-easing policy, we find and examine some important shifts in the role of government bonds modeled by Asako and Kanoh as one of five stabilizing objectives of the monetary policy. We also look into the making of the monetary policy by focusing on the votes by the Bank of Japan Policy Board members.

JEL-codes: C51 E52 E58 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:hit:ecorev:v:66:y:2015:i:2:p:97-114

DOI: 10.15057/27512

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