Achieving the Bank of Japan's Inflation Target:
The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to achieve the price stability target of 2 percent inflation. In this paper, a forward-looking open-economy general equilibrium model with endogenously determined policy credibility a...
Gespeichert in:
| 1. Verfasser: | |
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C. :
International Monetary Fund,
2019.
|
| Schriftenreihe: | IMF working paper (Online) ;
WP/19/229. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to achieve the price stability target of 2 percent inflation. In this paper, a forward-looking open-economy general equilibrium model with endogenously determined policy credibility and an effective lower bound is developed for forecasting and policy analysis (FPAS) for Japan. In the model's baseline scenario, the likelihood of the Bank of Japan reaching its 2 percent inflation target over the medium term is below 40 percent, assuming the absence of other policy reactions aside from monetary policy. The likelihood of achieving the inflation target is even lower under alternative risk scenarios. A positive shock to central bank credibility increases this likelihood, and would require less accommodative macroeconomic policies. |
| Beschreibung: | 1 online resource (38 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781513519555 1513519557 |
Internformat
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| 245 | 1 | 0 | |a Achieving the Bank of Japan's Inflation Target |
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| 520 | 3 | |a The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to achieve the price stability target of 2 percent inflation. In this paper, a forward-looking open-economy general equilibrium model with endogenously determined policy credibility and an effective lower bound is developed for forecasting and policy analysis (FPAS) for Japan. In the model's baseline scenario, the likelihood of the Bank of Japan reaching its 2 percent inflation target over the medium term is below 40 percent, assuming the absence of other policy reactions aside from monetary policy. The likelihood of achieving the inflation target is even lower under alternative risk scenarios. A positive shock to central bank credibility increases this likelihood, and would require less accommodative macroeconomic policies. | |
| 504 | |a Includes bibliographical references. | ||
| 650 | 0 | |a Anti-inflationary policies |z Japan. | |
| 650 | 6 | |a Inflation |x Politique gouvernementale |z Japon. | |
| 650 | 7 | |a Anti-inflationary policies |2 fast | |
| 651 | 7 | |a Japan |2 fast |1 https://id.oclc.org/worldcat/entity/E39PBJkT7GyCmyjxytDfqk6Yfq | |
| 650 | 7 | |a Central Banks and Their Policies. |2 imf | |
| 650 | 7 | |a Environmental Accounts. |2 imf | |
| 650 | 7 | |a Fiscal and Monetary Policy In Development. |2 imf | |
| 650 | 7 | |a Forecasting and Simulation. |2 imf | |
| 700 | 1 | |a Anand, Rahul. | |
| 700 | 1 | |a Hul, Yaroslav. | |
| 776 | 0 | 8 | |i Print version: |a Hong, Gee Hee. |t Achieving the Bank of Japan's Inflation Target. |d Washington, D.C. : International Monetary Fund, ©2019 |z 9781513518350 |
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| id | ZDB-4-EBA-on1130900780 |
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| spelling | Hong, Gee Hee. Achieving the Bank of Japan's Inflation Target Washington, D.C. : International Monetary Fund, 2019. 1 online resource (38 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/19/229 Print version record. The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to achieve the price stability target of 2 percent inflation. In this paper, a forward-looking open-economy general equilibrium model with endogenously determined policy credibility and an effective lower bound is developed for forecasting and policy analysis (FPAS) for Japan. In the model's baseline scenario, the likelihood of the Bank of Japan reaching its 2 percent inflation target over the medium term is below 40 percent, assuming the absence of other policy reactions aside from monetary policy. The likelihood of achieving the inflation target is even lower under alternative risk scenarios. A positive shock to central bank credibility increases this likelihood, and would require less accommodative macroeconomic policies. Includes bibliographical references. Anti-inflationary policies Japan. Inflation Politique gouvernementale Japon. Anti-inflationary policies fast Japan fast https://id.oclc.org/worldcat/entity/E39PBJkT7GyCmyjxytDfqk6Yfq Central Banks and Their Policies. imf Environmental Accounts. imf Fiscal and Monetary Policy In Development. imf Forecasting and Simulation. imf Anand, Rahul. Hul, Yaroslav. Print version: Hong, Gee Hee. Achieving the Bank of Japan's Inflation Target. Washington, D.C. : International Monetary Fund, ©2019 9781513518350 IMF working paper (Online) ; WP/19/229. http://id.loc.gov/authorities/names/n2004152483 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=2326534 Volltext |
| spellingShingle | Hong, Gee Hee Achieving the Bank of Japan's Inflation Target IMF working paper (Online) ; Anti-inflationary policies Japan. Inflation Politique gouvernementale Japon. Anti-inflationary policies fast Central Banks and Their Policies. imf Environmental Accounts. imf Fiscal and Monetary Policy In Development. imf Forecasting and Simulation. imf |
| title | Achieving the Bank of Japan's Inflation Target |
| title_auth | Achieving the Bank of Japan's Inflation Target |
| title_exact_search | Achieving the Bank of Japan's Inflation Target |
| title_full | Achieving the Bank of Japan's Inflation Target |
| title_fullStr | Achieving the Bank of Japan's Inflation Target |
| title_full_unstemmed | Achieving the Bank of Japan's Inflation Target |
| title_short | Achieving the Bank of Japan's Inflation Target |
| title_sort | achieving the bank of japan s inflation target |
| topic | Anti-inflationary policies Japan. Inflation Politique gouvernementale Japon. Anti-inflationary policies fast Central Banks and Their Policies. imf Environmental Accounts. imf Fiscal and Monetary Policy In Development. imf Forecasting and Simulation. imf |
| topic_facet | Anti-inflationary policies Japan. Inflation Politique gouvernementale Japon. Anti-inflationary policies Japan Central Banks and Their Policies. Environmental Accounts. Fiscal and Monetary Policy In Development. Forecasting and Simulation. |
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