A Post-Reflation Monetary Framework for Japan

By Mark R. Stone, Charles Frederick Kramer

April 1, 2005

Preview Citation

Format: Chicago

Mark R. Stone, and Charles Frederick Kramer. A Post-Reflation Monetary Framework for Japan, (USA: International Monetary Fund, 2005) accessed December 22, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

Modifications to Japan's monetary policy framework will be needed as positive inflation resumes because the current monetary regime and operations are tailored to ending deflation. The paper suggests that the monetary regime should move from an "anti-deflation" objective to an inflation objective, complemented by a shift of monetary operations from a quantitative operating target to an interest rate target. There are also questions about the timing of these shifts and the particulars of such arrangements, but decisive answers are elusive.

Subject: Deflation, Inflation, Inflation targeting, Price stabilization, Unconventional monetary policies

Keywords: BoJ operation, Inflation expectation, Inflation objective, Inflation report, Report need, Transmission mechanism, WP

Publication Details

Pages:

28
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2005/073
Stock No:

WPIEA2005073
ISBN:

9781451860924
ISSN:

1018-5941

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