Japanese Monetary Policy
Kenneth J. Singleton
University of Chicago Press, Dec 1, 2007 - Business & Economics - 206 pages
How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success.
The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity.
This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.
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2 Market Operations in Japan Theory and Practice
3 Japanese Corporate Investment and Bank of Japan Guidance of Commercial Bank Lending
4 The Interest Rate Process and the Term Structure of Interest Rates in Japan
5 Monetary Policy and the Real Economy in Japan
aggregate demand bank loans Bank of Japan bills business cycle call rate capital central bank changes city banks DCALL DCRMIX demand shocks discount rate discount window Economic elasticity endogenous equation estimates exogenous expectations theory federal funds rate financial institutions fluctuations forecast foreign output Full Sample GCAP gensaki rate government bonds Granger cause group firms growth rate high-powered money important increase independent firms indicates inflation interbank rates inventory investment Japanese monetary policy keiretsu lagged reserve lending long-term maintenance period market operations market participants maturity money growth money market money supply money supply shocks months nominal interest rate Okina overnight rate ratio real business cycle real exchange rate regression required reserves reserve requirement sample period seasonal cycle short rate short-term interest rates short-term money markets Subsample supply shocks target term structure tions Tokyo transmission mechanism variables window guidance yield spread
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