Monetary Policy in Japan

  • Yoshio Suzuki
  • Peter Oppenheimer
  • Adrian E. Tschoegl

Abstract

One main feature of the macroeconomic performance of Japan since the shift to floating exchange rates has been the reduction in the variability of inflation and growth. Figure 3.1 outlines this particular feature very clearly. This figure shows the growth rate of money stock, together with that of nominal and real GNP over the years 1956–88, in terms of quarterly data vis-à-vis the same quarter of the previous year. Because the Bank of Japan switched to a policy of focusing attention on M2 + CDs in 1975, this indicator of the money stock is used in the figure. The following aspects of macro performance may be read from it.

Keywords

Europe Income Posit Harness Univer 

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References

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Copyright information

© Charles A. E. Goodhart and George Sutija 1990

Authors and Affiliations

  • Yoshio Suzuki
  • Peter Oppenheimer
  • Adrian E. Tschoegl

There are no affiliations available

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