Japanese Monetary Policy

Front Cover
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.
 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

1 A Comparative Perspective on Japanese Monetary Policy ShortRun Monetary Control and the Transmission Mechanism
7
2 Market Operations in Japan Theory and Practice
31
3 Japanese Corporate Investment and Bank of Japan Guidance of Commercial Bank Lending
63
4 The Interest Rate Process and the Term Structure of Interest Rates in Japan
95
5 Monetary Policy and the Real Economy in Japan
121
6 An Aggregate DemandAggregate Supply Analysis of Japanese Monetary Policy 19731990
161
Contributors
189
Author Index
191
Subject Index
193
Copyright

Other editions - View all

Common terms and phrases

Popular passages

Page x - The interval is allowed for the receipt of any memorandum of dissent or reservation, together with a brief statement of his reasons, that any member may wish to express; and such memorandum of dissent or reservation shall be published with the manuscript if he so desires. Publication does not. however, imply that each member of the Board has read the manuscript, or that either members of the Board in general, or of the special committee, have passed upon its validity in every detail.
Page x - Director, consisting of three Directors selected as nearly as may be one from each general division of the Board. The names of the special manuscript committee shall be stated to each Director when the summary and report described in paragraph (4) are sent to him.
Page x - Board, requesting approval or disapproval of publication, and thirty additional days shall be granted for this purpose. The manuscript shall then not be published unless at least a majority of the entire Board and a...
Page x - DIRECTORS TO THE WORK AND PUBLICATIONS OF THE NATIONAL BUREAU OF ECONOMIC RESEARCH 1. The object of the National Bureau of Economic Research is to ascertain and to present to the public important economic facts and their interpretation in a scientific and impartial manner. The Board of Directors is charged with the responsibility of ensuring that the work of the National Bureau is carried on in strict conformity with this object.
Page x - Board, or to its Executive Committee, for their formal adoption, all specific proposals concerning researches to be instituted.
Page x - Board and a two-thirds majority of those members of the Board who shall have voted on the proposal within the time fixed for the receipt of votes on the publication proposed shall have approved. 6. No manuscript may be published, though approved by each member of the special committee, until forty-five days have elapsed from the transmittal of the summary and report.
Page 11 - Meeting for their helpful comments on an earlier version of the paper. Financial support from the Social Science and Humanities Research Council of Canada (SSHRC) is gratefully acknowledged.

About the author (2007)

Kenneth J. Singleton is C.O.G. Miller Distinguished Professor of Finance in the Graduate School of Business at Stanford University.

Bibliographic information