Low Inflation, Deflation, and Policies for Future Price Stability

日本銀行金融研究所 · John B. Taylor

45 citations0/0 files storedMonetary and and Economic Studies

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 Economic Theory and Policy Economic theories and models

Abstract

The effects of three different inflationary environments--high inflation, low inflation, and negative inflation--on real output stability are examined by looking at the experiences of Japan and the United States during the last 30 years. I begin by going back to see how things looked from the vantage point of the 1987 international conference at the Bank of Japan. Next I trace out how economic performance has evolved since then. Economic performance appears to have been better with low inflation than with either high inflation or negative inflation. I also look at some of the reasons for the different inflationary environments. I take both an interest rate policy rule approach and a quantity theory of money approach. Both approaches suggest that monetary policy has been the key factor in generating the different inflationary experiences.

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 — 45 citations exist upstream.

References

2000Monetary Policy and Asset Price Volatility 1979Estimation and Control of a Macroeconomic Model with Rational Expectations 2000Three Lessons for Monetary Policy in a Low-Inflation Era 1999Commentary: how should monetary policy be conducted in an era of price stability?2000How Should Monetary Policy be Conducted in an Era of Price Stability?2000The asset price bubble and monetary policy : Japan's experience in the late 1980s and the lessons 2001The Asset Price Bubble and Monetary Policy: Japan's Experience in the Late 1980s and the Lessons: Background Paper 2001The Foreign Exchange Origins of Japan's Economic Slump and Low Interest Liquidity Trap

Cited by

2011REGIONAL ECONOMIC OUTLOOK 2003Deflation: Prevention and Cure 2009The Need to Return to a Monetary Framework 2000Policy responses to the post-bubble adjustments in Japan : a tentative review 2005Real-time estimation of the output gap in Japan and its usefulness for inflation forecasting and policymaking

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.