Taylor and McCallum Rule during the Unprecedented Monetary Easing Era: The Recent Japanese Case
Yutaka Kurihara and
Applied Economics and Finance, 2020, vol. 7, issue 3, 70-77
The Taylor and McCallum rules have been examined a lot in many studies. After these frameworks were presented, deflation has been prevailing and market interest rates have been low, almost zero, or negative in the world. Japan is a typical example. Unconventional monetary policy based on monetary base instead of based on interest rates, has been conducting. This study examines whether or not the Taylor and McCallum rule fit well in Japan. The empirical results show that the McCallum rule fits for recent Japanese cases, but the Taylor rule does not.
JEL-codes: R00 Z0 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:rfa:aefjnl:v:7:y:2020:i:3:p:70-77
Access Statistics for this article
More articles in Applied Economics and Finance from Redfame publishing Contact information at EDIRC.
Bibliographic data for series maintained by Redfame publishing ().