Monetary Policies in the Age of Uncertainty

This book provides an insightful review of Japanese monetary policies after the bubble economy, emphasizing the importance of theory, institution, and experience in policy formulation and implementation. It discusses the theoretical background for unconventional policies and inflation targeting, explores the independence of central banks, and compares the Japanese experience with other advanced economies.

Format: Paperback / softback
Length: 61 pages
Publication date: 24 August 2021
Publisher: Springer Verlag, Singapore

This captivating book delves into a comprehensive analysis of Japanese monetary policies following the era of the bubble economy. The Bank of Japan stands as a pioneering central bank, having implemented unconventional monetary strategies during this pivotal period. Following the Lehman shock, many advanced economies followed suit, employing similar monetary policies to stimulate their own economies. The Japanese experience in the 1990s and 2000s undoubtedly played a significant role during this time. While various aspects of these experiences have been explored, there has been a scarcity of books that delve into in-depth discussions between macro and monetary theorists actively engaged in academia and practitioners actively involved in monetary policy. This modest yet significant work has specifically focused on the Japanese experience. The evaluation of this experience reveals that three fundamental pillars hold immense importance: theory, institution, and experience. These pillars form the foundation of the book, as theory is essential for formulating and implementing policies, while institutions play a crucial role in their successful implementation. Chapter 1 provides a clear theoretical framework for unconventional monetary policies and inflation targeting. Chapter 2 delves into the significance and desirability of central bank independence, exploring the role and responsibilities of these institutions in shaping monetary policy. Chapter 3 offers a comparative analysis of the consequences of Japanese monetary policies in recent decades, comparing them with those in other advanced economies.

Weight: 136g
Dimension: 235 x 155 (mm)
ISBN-13: 9789811641459
Edition number: 1st ed. 2021