Japanese Monetary Policy: A Case of Self-Induced Paralysis?

Ben Shalom Bernanke · Refet S. Gürkaynak

229 citations0/0 files stored

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Monetary Policy and Economic Impact Global Financial Crisis and Policies European Monetary and Fiscal Policies

Abstract

wish to thank Refet Gurkaynak for expert research assistance. The Japanese economy continues in a deep recession. The shortrange IMF forecast is that, as of the last quarter of 1999, Japanese real GDP will be 4.6 % below its potential. This number is itself a mild improvement over a year earlier, when the IMF estimated Japanese GDP at 5.6 % below potential. A case can be made, however, that these figures significantly underestimate the output losses created by the protracted slump. From the beginning of the 1980s through 1991Q4, a period during which Japanese real economic growth had already declined markedly from the heady days of the 1960s and 1970s, real GDP in Japan grew by nearly 3.8 % per year. In contrast, from 1991Q4 through 1999Q4 the rate of growth of real GDP was less than 0.9 % per year. If growth during the 1991-1999 period had been even 2.5 % per year, Japanese real GDP in 1999 would have been 13.6 % higher than the value actually attained. 1

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 229 citations exist upstream.

References

1995Inside the Black Box: The Credit Channel of Monetary Policy Transmission 1998It's Baaack: Japan's Slump and the Return of the Liquidity Trap 2000Monetary Policy and Asset Price Volatility 1999Inflation targeting: lessons from the international experience 2000Three Lessons for Monetary Policy in a Low-Inflation Era 1999Commentary: how should monetary policy be conducted in an era of price stability?2000Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates 2003Monetary Policy When the Nominal Short-Term Interest Rate is Zero

Cited by

2001The Great Recession: Lessons for Macroeconomic Policy from Japan 2006Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses 2006The Deflation Bias and Committing to Being Irresponsible 2002Preventing Deflation: Lessons from Japan's Experience in the 1990s 2013Oil Price Shocks and the Stock Market: Evidence from Japan 2014

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.