Japan’s Postwar Monetary Policies: Taylor Rules or Something Else?

James Rhodes () and Naoyuki Yoshino ()

Chapter Chapter 5 in Japan’s Lost Decade, 2017, pp 109-116 from Springer

Abstract: Abstract This brief chapter investigates postwar Japanese monetary policies through the lens of the Taylor equation and the associated Taylor rule. We break from previous studies in extending the investigation back to the early postwar period and by examining the stability of the Taylor specification in various subperiods. In general, we find little support for the Taylor equation in the Japan case. A possible exception is the period from 1980–1997, but this was a period of the “bubble economy” and subsequent “Lost Decade.” We see this as setting the stage for a more detailed description and assessment of Japan’s postwar monetary policies.

Keywords: Monetary policy; Bank of Japan; Taylor rule (search for similar items in EconPapers)
JEL-codes: E42 E51 E52 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:adbchp:978-981-10-5021-3_5

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DOI: 10.1007/978-981-10-5021-3_5

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