Taming Japan's Deflation : The Debate Over Unconventional Monetary Policy
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| Title: | Taming Japan's Deflation : The Debate Over Unconventional Monetary Policy |
|---|---|
| Description: | 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. |
| Authors: | Saori N. Katada, Gene Park, Giacomo Chiozza, Yoshiko Kojo |
| Resource Type: | eBook. |
| Subjects: | Nihon Ginko¯, Monetary policy--Japan, Deflation (Finance)--Japan, Banks and banking, Central--Japan |
| Categories: | POLITICAL SCIENCE / Political Economy, BUSINESS & ECONOMICS / Money & Monetary Policy, HISTORY / Asia / Japan |
| Database: | eBook Collection (EBSCOhost) |
| FullText | Links: – Type: ebook-pdf – Type: ebook-epub Text: Availability: 0 |
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| Header | DbId: nlebk DbLabel: eBook Collection (EBSCOhost) An: 1728002 RelevancyScore: 1084 AccessLevel: 6 PubType: eBook PubTypeId: ebook PreciseRelevancyScore: 1083.55249023438 |
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| Items | – Name: Title Label: Title Group: Ti Data: Taming Japan's Deflation : The Debate Over Unconventional Monetary Policy – Name: Abstract Label: Description Group: Ab Data: 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. – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Saori+N%2E+Katada%22">Saori N. Katada</searchLink><br /><searchLink fieldCode="AR" term="%22Gene+Park%22">Gene Park</searchLink><br /><searchLink fieldCode="AR" term="%22Giacomo+Chiozza%22">Giacomo Chiozza</searchLink><br /><searchLink fieldCode="AR" term="%22Yoshiko+Kojo%22">Yoshiko Kojo</searchLink> – Name: TypePub Label: Resource Type Group: TypPub Data: eBook. – Name: Subject Label: Subjects Group: Su Data: <searchLink fieldCode="DE" term="%22Nihon+Ginko¯%22">Nihon Ginko¯</searchLink><br /><searchLink fieldCode="DE" term="%22Monetary+policy--Japan%22">Monetary policy--Japan</searchLink><br /><searchLink fieldCode="DE" term="%22Deflation+%28Finance%29--Japan%22">Deflation (Finance)--Japan</searchLink><br /><searchLink fieldCode="DE" term="%22Banks+and+banking%2C+Central--Japan%22">Banks and banking, Central--Japan</searchLink> – Name: SubjectBISAC Label: Categories Group: Su Data: <searchLink fieldCode="ZK" term="%22POLITICAL+SCIENCE+%2F+Political+Economy%22">POLITICAL SCIENCE / Political Economy</searchLink><br /><searchLink fieldCode="ZK" term="%22BUSINESS+%26+ECONOMICS+%2F+Money+%26+Monetary+Policy%22">BUSINESS & ECONOMICS / Money & Monetary Policy</searchLink><br /><searchLink fieldCode="ZK" term="%22HISTORY+%2F+Asia+%2F+Japan%22">HISTORY / Asia / Japan</searchLink> |
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| RecordInfo | BibRecord: BibEntity: Classifications: – Code: 339.5 Scheme: ddc Type: prePub Languages: – Code: eng Text: English Subjects: – SubjectFull: Nihon Ginko¯ Type: general – SubjectFull: Monetary policy--Japan Type: general – SubjectFull: Deflation (Finance)--Japan Type: general – SubjectFull: Banks and banking, Central--Japan Type: general Titles: – TitleFull: Taming Japan's Deflation : The Debate Over Unconventional Monetary Policy Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Saori N. Katada – PersonEntity: Name: NameFull: Gene Park – PersonEntity: Name: NameFull: Giacomo Chiozza – PersonEntity: Name: NameFull: Yoshiko Kojo – PersonEntity: Name: NameFull: Saori N. Katada – PersonEntity: Name: NameFull: Gene Park – PersonEntity: Name: NameFull: Giacomo Chiozza – PersonEntity: Name: NameFull: Yoshiko Kojo IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 01 Type: published Y: 2018 – D: 19 M: 10 Type: profile Y: 2018 Identifiers: – Type: isbn-print Value: 9781501728174 – Type: isbn-print Value: 9781501728198 – Type: isbn-electronic Value: 9781501728181 Titles: – TitleFull: Taming Japan's Deflation : The Debate Over Unconventional Monetary Policy Type: main |
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