Download This PaperA Post-Reflation Monetary Framework for Japan
29 Pages Posted: 3 Mar 2006
Date Written: April 2005
Abstract
Modifications to Japan's monetary policy framework will be needed as positive inflation resumes because the current monetary regime and operations are tailored to ending deflation. The paper suggests that the monetary regime should move from an 'anti-deflation' objective to an inflation objective, complemented by a shift of monetary operations from a quantitative operating target to an interest rate target. There are also questions about the timing of these shifts and the particulars of such arrangements, but decisive answers are elusive.
Keywords: Monetary policy, monetary operations, Japan, deflation
JEL Classification: E42, E52
Suggested Citation: Suggested Citation
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