| Item type |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2025-10-22 |
| タイトル |
|
|
タイトル |
Good Luck or Not : Bank of Japan’s Monetary Policy |
|
言語 |
en |
| 作成者 |
HASUI, Kohei
TERANISHI, Yuki
|
| 寄与者 |
|
|
寄与者タイプ |
Editor |
|
|
姓名 |
Hitotsubashi Institute for Advanced Study, Hitotsubashi University |
|
|
言語 |
en |
| アクセス権 |
|
|
アクセス権 |
open access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 主題 |
|
|
言語 |
en |
|
主題Scheme |
Other |
|
主題 |
monetary policy |
| 主題 |
|
|
言語 |
en |
|
主題Scheme |
Other |
|
主題 |
commitment |
| 主題 |
|
|
言語 |
en |
|
主題Scheme |
Other |
|
主題 |
liquidity trap |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
This paper evaluates whether the Bank of Japan (BOJ)’s “Inflation-Overshooting Commitment” can work to raise inflation rates by over 2 percent to end the zero interest rate policy or whether cost-push shocks luckily give a chance of high inflation rates for the BOJ to escape a liquidity trap. We show that the Taylor-type rule can not replicate inflation overshooting, even though the zero interest rate policy continues as the BOJ’s monetary policy. However, the Taylor-type rule achieves about a 2 percent target in the end, and the cost-push shocks work as good luck to induce high inflation data and justify the escape from a liquidity trap. In the case of the price-level targeting policy, inflation rates increase by more than 2 percent, and the zero interest rate policy continues even after inflation rates sufficiently exceed 2 percent. Under the price-level targeting policy, the cost-push shocks give little good luck in terminating the zero interest rate policy earlier. Our simulation results imply that the BOJ successfully excludes the effect of positive cost-push shocks to implement the exit policy and conducts the history-dependent policy under inflation-overshooting commitment. Our results do not change for a variety of Japanese parameters for the anchored level of inflation rate, elasticity of demand to real interest rate, and inflation persistence. Moreover, the augmented Taylor-type rule with a strong history dependence can work as a price-level targeting policy. |
|
言語 |
en |
| 出版者 |
|
|
出版者 |
Hitotsubashi Institute for Advanced Study, Hitotsubashi University |
|
言語 |
en |
| 日付 |
|
|
日付 |
2025-08 |
|
日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
|
|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_18gh |
|
資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 関連情報 |
|
|
関連タイプ |
isPartOf |
|
|
言語 |
en |
|
|
関連名称 |
Discussion paper series ; No. HIAS-E-149 |
| ページ数 |
|
|
ページ数 |
35 |
| JEL |
|
|
値 |
E31 |
| JEL |
|
|
値 |
E52 |
| JEL |
|
|
値 |
E58 |
| JEL |
|
|
値 |
E61 |
HIAS-E-149.pdf (657 KB)
