Monetary policy of the Bank of Japan: inflation target versus exchange rate target
Autor(a) principal: | |
---|---|
Data de Publicação: | 2011 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional da UCB |
Texto Completo: | http://hdl.handle.net/123456789/283 https://repositorio.ucb.br:9443/jspui/handle/123456789/7536 |
Resumo: | This paper reviews the empirical evidence on the monetary policy of the Bank of Japan (BOJ). The main findings confirm [McKinnon, R., Ohno, K., Dollar and Yen, Resolving Economic Conflict between the United States and Japan. MIT Press, Cambridge, MA, USA, 1997] thesis that the BOJ has tried to stabilize exchange rate. The interest rate is counter-cyclical to the exchange rate and the coefficient of inflation, which is not weakly exogenous, is significantly smaller than 1. Impulse response analysis confirms the BOJ’s sensitivity not only to inflation and output gap but also to exchange rate. Finally, historical decomposition reveals a major role for exchange rate in explaining cyclical patterns of the interest rate, especially during the bubble period. |
id |
UCB-2_95ae367a612d8079f9f62084aa1167df |
---|---|
oai_identifier_str |
oai:200.214.135.189:123456789/7536 |
network_acronym_str |
UCB-2 |
network_name_str |
Repositório Institucional da UCB |
spelling |
Andrade, Joaquim Pinto deDivino, José Angelo2016-10-10T03:51:49Z2016-10-10T03:51:49Z2011-08-25ANDRADE, Joaquim Pinto de; DIVINO, Jose Angelo. Monetary policy of the Bank of Japan: inflation target versus exchange rate target. Japan and the World Economy, v. 17, n. 2, p. 189-208, 2005.http://hdl.handle.net/123456789/283https://repositorio.ucb.br:9443/jspui/handle/123456789/7536This paper reviews the empirical evidence on the monetary policy of the Bank of Japan (BOJ). The main findings confirm [McKinnon, R., Ohno, K., Dollar and Yen, Resolving Economic Conflict between the United States and Japan. MIT Press, Cambridge, MA, USA, 1997] thesis that the BOJ has tried to stabilize exchange rate. The interest rate is counter-cyclical to the exchange rate and the coefficient of inflation, which is not weakly exogenous, is significantly smaller than 1. Impulse response analysis confirms the BOJ’s sensitivity not only to inflation and output gap but also to exchange rate. Finally, historical decomposition reveals a major role for exchange rate in explaining cyclical patterns of the interest rate, especially during the bubble period.Made available in DSpace on 2016-10-10T03:51:49Z (GMT). No. of bitstreams: 5 Monetary Policy of the Bank of Japan Inflation Target Versus Exchange Rate Target.pdf: 1008698 bytes, checksum: 68c111f121cd3f9d7468baffeed0c78b (MD5) license_url: 52 bytes, checksum: 3d480ae6c91e310daba2020f8787d6f9 (MD5) license_text: 21716 bytes, checksum: 282d2b1a583fb55b557e8a3be8d5dd05 (MD5) license_rdf: 23930 bytes, checksum: 6b71892b27c4389434057b8b0e86b43e (MD5) license.txt: 1872 bytes, checksum: 9ede5d1aaff3f6277cd24454ee44422e (MD5) Previous issue date: 2011-08-25SimPublicadoTextoTarget inflationMonetary policyTaylor ruleUnit rootCointegrationMonetary policy of the Bank of Japan: inflation target versus exchange rate targetinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleJapan and the World Economyinfo:eu-repo/semantics/openAccessengreponame:Repositório Institucional da UCBinstname:Universidade Católica de Brasília (UCB)instacron:UCBORIGINALMonetary Policy of the Bank of Japan Inflation Target Versus Exchange Rate Target.pdfapplication/pdf1008698https://200.214.135.178:9443/jspui/bitstream/123456789/7536/1/Monetary%20Policy%20of%20the%20Bank%20of%20Japan%20Inflation%20Target%20Versus%20Exchange%20Rate%20Target.pdf68c111f121cd3f9d7468baffeed0c78bMD51CC-LICENSElicense_urlapplication/octet-stream52https://200.214.135.178:9443/jspui/bitstream/123456789/7536/2/license_url3d480ae6c91e310daba2020f8787d6f9MD52license_textapplication/octet-stream21716https://200.214.135.178:9443/jspui/bitstream/123456789/7536/3/license_text282d2b1a583fb55b557e8a3be8d5dd05MD53license_rdfapplication/octet-stream23930https://200.214.135.178:9443/jspui/bitstream/123456789/7536/4/license_rdf6b71892b27c4389434057b8b0e86b43eMD54LICENSElicense.txttext/plain1872https://200.214.135.178:9443/jspui/bitstream/123456789/7536/5/license.txt9ede5d1aaff3f6277cd24454ee44422eMD55TEXTMonetary Policy of the Bank of Japan Inflation Target Versus Exchange Rate Target.pdf.txtMonetary Policy of the Bank of Japan Inflation Target Versus Exchange Rate Target.pdf.txtExtracted texttext/plain32125https://200.214.135.178:9443/jspui/bitstream/123456789/7536/6/Monetary%20Policy%20of%20the%20Bank%20of%20Japan%20Inflation%20Target%20Versus%20Exchange%20Rate%20Target.pdf.txt0387ed92636b23a1ab1900223c1b382bMD56123456789/75362017-01-17 15:08:32.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ório de Publicaçõeshttps://repositorio.ucb.br:9443/jspui/ |
dc.title.pt_BR.fl_str_mv |
Monetary policy of the Bank of Japan: inflation target versus exchange rate target |
title |
Monetary policy of the Bank of Japan: inflation target versus exchange rate target |
spellingShingle |
Monetary policy of the Bank of Japan: inflation target versus exchange rate target Andrade, Joaquim Pinto de Target inflation Monetary policy Taylor rule Unit root Cointegration |
title_short |
Monetary policy of the Bank of Japan: inflation target versus exchange rate target |
title_full |
Monetary policy of the Bank of Japan: inflation target versus exchange rate target |
title_fullStr |
Monetary policy of the Bank of Japan: inflation target versus exchange rate target |
title_full_unstemmed |
Monetary policy of the Bank of Japan: inflation target versus exchange rate target |
title_sort |
Monetary policy of the Bank of Japan: inflation target versus exchange rate target |
author |
Andrade, Joaquim Pinto de |
author_facet |
Andrade, Joaquim Pinto de Divino, José Angelo |
author_role |
author |
author2 |
Divino, José Angelo |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Andrade, Joaquim Pinto de Divino, José Angelo |
dc.subject.por.fl_str_mv |
Target inflation Monetary policy Taylor rule Unit root Cointegration |
topic |
Target inflation Monetary policy Taylor rule Unit root Cointegration |
dc.description.abstract.por.fl_txt_mv |
This paper reviews the empirical evidence on the monetary policy of the Bank of Japan (BOJ). The main findings confirm [McKinnon, R., Ohno, K., Dollar and Yen, Resolving Economic Conflict between the United States and Japan. MIT Press, Cambridge, MA, USA, 1997] thesis that the BOJ has tried to stabilize exchange rate. The interest rate is counter-cyclical to the exchange rate and the coefficient of inflation, which is not weakly exogenous, is significantly smaller than 1. Impulse response analysis confirms the BOJ’s sensitivity not only to inflation and output gap but also to exchange rate. Finally, historical decomposition reveals a major role for exchange rate in explaining cyclical patterns of the interest rate, especially during the bubble period. |
dc.description.version.pt_BR.fl_txt_mv |
Sim |
dc.description.status.pt_BR.fl_txt_mv |
Publicado |
description |
This paper reviews the empirical evidence on the monetary policy of the Bank of Japan (BOJ). The main findings confirm [McKinnon, R., Ohno, K., Dollar and Yen, Resolving Economic Conflict between the United States and Japan. MIT Press, Cambridge, MA, USA, 1997] thesis that the BOJ has tried to stabilize exchange rate. The interest rate is counter-cyclical to the exchange rate and the coefficient of inflation, which is not weakly exogenous, is significantly smaller than 1. Impulse response analysis confirms the BOJ’s sensitivity not only to inflation and output gap but also to exchange rate. Finally, historical decomposition reveals a major role for exchange rate in explaining cyclical patterns of the interest rate, especially during the bubble period. |
publishDate |
2011 |
dc.date.issued.fl_str_mv |
2011-08-25 |
dc.date.accessioned.fl_str_mv |
2016-10-10T03:51:49Z |
dc.date.available.fl_str_mv |
2016-10-10T03:51:49Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
status_str |
publishedVersion |
format |
article |
dc.identifier.citation.fl_str_mv |
ANDRADE, Joaquim Pinto de; DIVINO, Jose Angelo. Monetary policy of the Bank of Japan: inflation target versus exchange rate target. Japan and the World Economy, v. 17, n. 2, p. 189-208, 2005. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/123456789/283 https://repositorio.ucb.br:9443/jspui/handle/123456789/7536 |
identifier_str_mv |
ANDRADE, Joaquim Pinto de; DIVINO, Jose Angelo. Monetary policy of the Bank of Japan: inflation target versus exchange rate target. Japan and the World Economy, v. 17, n. 2, p. 189-208, 2005. |
url |
http://hdl.handle.net/123456789/283 https://repositorio.ucb.br:9443/jspui/handle/123456789/7536 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
Texto |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional da UCB instname:Universidade Católica de Brasília (UCB) instacron:UCB |
instname_str |
Universidade Católica de Brasília (UCB) |
instacron_str |
UCB |
institution |
UCB |
reponame_str |
Repositório Institucional da UCB |
collection |
Repositório Institucional da UCB |
bitstream.url.fl_str_mv |
https://200.214.135.178:9443/jspui/bitstream/123456789/7536/1/Monetary%20Policy%20of%20the%20Bank%20of%20Japan%20Inflation%20Target%20Versus%20Exchange%20Rate%20Target.pdf https://200.214.135.178:9443/jspui/bitstream/123456789/7536/2/license_url https://200.214.135.178:9443/jspui/bitstream/123456789/7536/3/license_text https://200.214.135.178:9443/jspui/bitstream/123456789/7536/4/license_rdf https://200.214.135.178:9443/jspui/bitstream/123456789/7536/5/license.txt https://200.214.135.178:9443/jspui/bitstream/123456789/7536/6/Monetary%20Policy%20of%20the%20Bank%20of%20Japan%20Inflation%20Target%20Versus%20Exchange%20Rate%20Target.pdf.txt |
bitstream.checksum.fl_str_mv |
68c111f121cd3f9d7468baffeed0c78b 3d480ae6c91e310daba2020f8787d6f9 282d2b1a583fb55b557e8a3be8d5dd05 6b71892b27c4389434057b8b0e86b43e 9ede5d1aaff3f6277cd24454ee44422e 0387ed92636b23a1ab1900223c1b382b |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
|
repository.mail.fl_str_mv |
|
_version_ |
1724829828768595968 |