Taming Japan's Deflation: The Debate over Unconventional Monetary Policy
Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Ithaca, NY
Cornell University Press
[2018]
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| Schriftenreihe: | Cornell Studies in Money
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| Online-Zugang: | FAW01 FAB01 FCO01 FHA01 FKE01 FLA01 UPA01 UBG01 Volltext |
| Zusammenfassung: | Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped.With Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics-an economic agenda to reflate the economy-and Abe's appointment of new leadership at the BOJ. As Taming Japan's Deflation shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network.The explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis ofthe politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but Taming Japan's Deflation shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network |
| Beschreibung: | Description based on online resource; title from PDF title page (publisher's Web site, viewed 26. Nov 2019) |
| Beschreibung: | 1 online resource (264 pages) 3 b&w line drawings, 13 charts |
| ISBN: | 9781501728181 |
| DOI: | 10.1515/9781501728181 |
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| 520 | |a Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped.With Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics-an economic agenda to reflate the economy-and Abe's appointment of new leadership at the BOJ. As Taming Japan's Deflation shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network.The explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis ofthe politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but Taming Japan's Deflation shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network | ||
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| index_date | 2024-07-03T18:54:16Z |
| indexdate | 2024-07-10T09:18:46Z |
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| isbn | 9781501728181 |
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| spelling | Park, Gene Verfasser aut Taming Japan's Deflation The Debate over Unconventional Monetary Policy Giacomo Chiozza, Saori N. Katada, Yoshiko Kojo, Gene Park Ithaca, NY Cornell University Press [2018] © 2018 1 online resource (264 pages) 3 b&w line drawings, 13 charts txt rdacontent c rdamedia cr rdacarrier Cornell Studies in Money Description based on online resource; title from PDF title page (publisher's Web site, viewed 26. Nov 2019) Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped.With Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics-an economic agenda to reflate the economy-and Abe's appointment of new leadership at the BOJ. As Taming Japan's Deflation shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network.The explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis ofthe politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but Taming Japan's Deflation shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network In English Asian Studies General Economics POLITICAL SCIENCE / Political Economy bisacsh Banks and banking, Central Japan Deflation (Finance) Japan Monetary policy Japan Chiozza, Giacomo Sonstige oth Katada, Saori N. Sonstige oth https://doi.org/10.1515/9781501728181 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Park, Gene Taming Japan's Deflation The Debate over Unconventional Monetary Policy Asian Studies General Economics POLITICAL SCIENCE / Political Economy bisacsh Banks and banking, Central Japan Deflation (Finance) Japan Monetary policy Japan |
| title | Taming Japan's Deflation The Debate over Unconventional Monetary Policy |
| title_auth | Taming Japan's Deflation The Debate over Unconventional Monetary Policy |
| title_exact_search | Taming Japan's Deflation The Debate over Unconventional Monetary Policy |
| title_exact_search_txtP | Taming Japan's Deflation The Debate over Unconventional Monetary Policy |
| title_full | Taming Japan's Deflation The Debate over Unconventional Monetary Policy Giacomo Chiozza, Saori N. Katada, Yoshiko Kojo, Gene Park |
| title_fullStr | Taming Japan's Deflation The Debate over Unconventional Monetary Policy Giacomo Chiozza, Saori N. Katada, Yoshiko Kojo, Gene Park |
| title_full_unstemmed | Taming Japan's Deflation The Debate over Unconventional Monetary Policy Giacomo Chiozza, Saori N. Katada, Yoshiko Kojo, Gene Park |
| title_short | Taming Japan's Deflation |
| title_sort | taming japan s deflation the debate over unconventional monetary policy |
| title_sub | The Debate over Unconventional Monetary Policy |
| topic | Asian Studies General Economics POLITICAL SCIENCE / Political Economy bisacsh Banks and banking, Central Japan Deflation (Finance) Japan Monetary policy Japan |
| topic_facet | Asian Studies General Economics POLITICAL SCIENCE / Political Economy Banks and banking, Central Japan Deflation (Finance) Japan Monetary policy Japan |
| url | https://doi.org/10.1515/9781501728181 |
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