Monetary policy with very low inflation in the Pacific Rim (University of Chicago Press, 2006)
Includes bibliographical references and indexes
I. Monetary Policy Strategies -- A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap / Bennett McCallum -- Comment / James Harrigan -- Monetary Policy, Asset-price Bubbles, and the Zero Lower Bound / Tim Robinson and Andrew Stone -- Comment / Piti Disyatat -- Comment / Kenneth Kuttner -- Money Growth and Interest Rates / Seok-Kyun Hur -- Comment / R. Anton Braun -- Comment / Yuzo Honda -- Two Decades of Japanese Monetary Policy and the Deflation Problem / Takatoshi Ito and Frederic S. Mishkin -- Comment / Kenneth Kuttner -- Comment / Kazuo leda -- Financial Strains and the Zero Loer Bound : The Japanese Experience / Mitsuhiro Fukao -- Comment / Pii Disyatat -- Comment / James Harrigan -- Monetary and Fiscal Policy in a Liquidity Trap : The Japanese Experience, 1999-2004 / Mitsuru Iwamura, Takeshi Kudo, and Tsutomu Watanabe -- Comment / Funmio Hayashi -- Fiscal Remedies for Japan's Slump / Laurence Ball -- Comment / Mitsuru Iwamura -- II. Case Studies -- Stock Market Liquidity and the Macroeconomy : Evidence from Japan / Woon Gyu Choi and David Cook -- Comment / Shin-ichi Fukuda -- Comment / Makoto Saito -- Interest Rate, Inflation, and Housing Price : With an Emphasis on Chonsei Price in Korea / Dongchul Cho -- Comment / Toshiki Jinushi -- Comment / Mario B. Lamberte -- Deflation and Monetary Policy in Taiwan / Ya-Hwei Yang and Jia-Dong Shea -- Comment / Toshiki Jinushi -- Comment / Shigenori Shiratsuka
Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries?most prominently Japan, but also Taiwan and China?have actually experienced deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions. The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episo