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Japan: Evaluating Aggressive Monetary Easing and Economic Performance

Ramana

Cambridge Working Papers in Economics from Faculty of Economics, University of Cambridge

Abstract: Japan has had an outsized influence on global monetary policy. Avoiding becoming Japan has been a powerful force for Quantitative Easing. This paper argues, that despite popular perceptions, Japanese economic performance has not been a calamity; living standards have risen consistently over time and a full-fledged deflationary spiral avoided. These outcomes render making judgements about the Bank of Japan’s (BOJ) track record challenging despite the failure to meet the inflation target. The BOJ’s conceptual evolution on monetary policy and the various measures adopted over time are analysed for a fuller assessment of the effectiveness of monetary policy in Japan. The paper discusses the nascent, but increasingly influential academic research on the limitations of QE and its collateral effects on the economy, and what that portends for future BOJ policy.

Keywords: Quantitative Easing; Bank of Japan; deflation (search for similar items in EconPapers)
JEL-codes: E4 E5 F3 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2018-06-20
Note: rr122
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Persistent link: https://EconPapers.repec.org/RePEc:cam:camdae:1837

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