A Post-Reflation Monetary Framework for Japan [electronic resource] / Mark R Stone.
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TextSeries: IMF Working Papers; Working Paper ; No. 05/73Publication details: Washington, D.C. : International Monetary Fund, 2005Description: 1 online resource (28 p.)ISBN: 1451860927 :ISSN: 1018-5941Subject(s): Inflation Objective | Inflation Targeting | Inflation | Price Stability | JapanAdditional physical formats: Print Version:: A Post-Reflation Monetary Framework for JapanOnline resources: IMF e-Library | IMF Book Store Abstract: 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.
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.
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