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2002 Fiscal Year Final Research Report Summary

Inflation Targeting and Monetary Policy Operation under Price Stability after Financial Deregulation

Research Project

Project/Area Number 12630054
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field 経済政策(含経済事情)
Research InstitutionGraduate School of Economics, Kobe University

Principal Investigator

JINUSHI Toshiki  Kobe University, Graduate School of Economics, Professor, 大学院・経済学研究科, 教授 (60171089)

Project Period (FY) 2000 – 2002
Keywordsmonetary policy / inflation targeting / information disclosure / policy rule / policy mix / forward-looking / asset price bubble / financial deregulation
Research Abstract

Many countries, which had deregulated the financial sectors, experienced the asset price fluctuations and the banking crisis. Many countries achieved lowering and stabilizing inflation, in almost the same periods. Except for the U.S. and Japan, most of those countries have adopted the inflation targeting as the framework for their monetary policy operation. Under the inflation targeting, information disclosure on the policy decision has often been promoted. Even the countries without the inflation targeting have started to release more policy information recently. The philosophy of the monetary policy operation has been transformed. The information disclosure which enhances the forecastability of the future policy actions, is considered to improve the macroeconomic performance. The main findings of this research projects are the followings.
(1) The U.S. has overcome the financial crisis in the late 1980s and the early 1990s and succeeded in stabilizing the inflation at low level. We can find the significant asymmetry between the monetary expansion and restraint process in the implementation of the "zero real rate" policy in that period.
(2) The information disclosure was promoted in that period in the U.S., but its effects are rather mixed.
(3) Looking at the macro policy mix, the Japanese monetary and fiscal policies were not expansionary at the same time until the 1997-98 financial crisis.
(4) The Bank of Japan seems to have some information advantages on the macroeconomic forecasts compared with the private think-tanks.
(5) The less uncertainty on the monetary policy rules improves the macroeconomic performance in the forward-looking models.

  • Research Products

    (12 results)

All Other

All Publications (12 results)

  • [Publications] 地主 敏樹: "米国1992〜94年の実質ゼロ金利政策 -議事録に基づく検討-"国民経済雑誌. 第182巻第3号. 77-97 (2000)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 地主 敏樹: "1994〜95年のFOMC-議事録に基づく金融引き締めの検討-"国民経済雑誌. 第182巻第6号. 23-48 (2000)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 地主 敏樹: "金融政策の情報公開と市場 -アメリカの経験-"国民経済雑誌. 第184巻第4号. 1-22 (2001)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 地主敏樹, 尾崎泰文: "ポリシー・ミックスの検討-1980年代後半以後の日本マクロ経済政策-"国民経済雑誌. 第185巻第6号. 37-55 (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 地主 敏樹: "金融政策ルールの現実的側面:学説の展望と日本銀行の情報優位?"商経論叢. 38-2. 71-87 (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 地主 敏樹: "金融政策の革命=秘密主義との訣別;日米欧の経験と学説の展開"中央経済社(神戸大学百周年記念事業検討委員会編『神戸発 社会科学のフロンティア』所収). 115-139 (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Toshiki Jinushi: "The U.S. Zero Real-Rate Policy in 1992-94; An Examination Based on the Transcript"Kokumin-Keizai Zassi. 182-3. 77-97 (2000)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Toshiki Jinushi: "The FOMC in 1994-95; An Examination of the Monetary Restraint Based on the Transcript"Kokumin-Keizai Zassi. 182-6. 23-48 (2000)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Toshiki Jinushi: "Monetary Policy Information Disclosure and the Financial Markets; The U.S. Experiences"Kokumin-Keizai Zassi. 184-4. 1-22 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Toshiki Jinushi and Yasufumi Ozaki: "An Examination of the Policy Mix; the Japanese Macroeconomic Policy since the Late 1980s"Kokumin-Keizai Zassi. 185-6. 37-55 (2002)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Toshiki Jinushi: "The Implementation of the Monetary Policy Rules; a Survey of the Theories and the BOJ's Information Advantage"Sho-Kei Ronso. 38-2. 71-87 (2002)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Toshiki Jinushi, Kobe University Centennial Committee ed.: "A Revolution in the Monetary Policy Information Disclosure; Major Experiences and the Theoretical Evolutions, in The Frontiers of the Social Sciences from Kobe"Chuo-Keizai. 115-139 (2002)

    • Description
      「研究成果報告書概要(欧文)」より

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Published: 2004-04-14  

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