LEADER 05592oam 22012254 450 001 9910812447703321 005 20240402051839.0 010 $a1-4623-8401-3 010 $a1-4527-8234-2 010 $a1-282-84433-4 010 $a9786612844331 010 $a1-4518-7379-4 035 $a(CKB)3170000000055376 035 $a(SSID)ssj0000942133 035 $a(PQKBManifestationID)11474021 035 $a(PQKBTitleCode)TC0000942133 035 $a(PQKBWorkID)10972273 035 $a(PQKB)11052144 035 $a(OCoLC)680613602 035 $a(MiAaPQ)EBC1608856 035 $a(IMF)WPIEE2009232 035 $a(EXLCZ)993170000000055376 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMonetary Policy and the Lost Decade : $eLessons from Japan /$fDaniel Leigh 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a33 p. $cill 225 1 $aIMF Working Papers 300 $a"October 2009." 311 $a1-4519-1797-X 327 $aIntro -- Contents -- I. Introduction -- II. Empirical Analysis -- A. Model Specification -- B. Model Estimation -- III. Counterfactual Analysis -- IV. Conclusion -- Tables -- 1. Estimation Results -- 2. Actual and Counterfactual Inflation and Output Loss -- Figures -- 1. The Japanese Economy Since 1990 -- 2. Estimation Results: Implicit Inflation Target -- 3. Estimation Results: Natural Rate of Interest -- 4. Estimated Policy-Rate Target and Actual Policy Rate -- 5. Autocorrelation Functions -- 6. Demand and Supply Shocks: 1990-2005 -- 7. Actual and Counterfactual Macroeconomic Dynamics: -- 8. Actual and Counterfactual Macroeconomic Dynamics: -- 9. Actual and Counterfactual Macroeconomic Dynamics: -- 10. Actual and Counterfactual Macroeconomic Dynamics: -- Appendix -- References. 330 3 $aThis paper investigates how monetary policy can help ward off a protracted deflationary slump when policy rates are near the zero bound by studying the experience of Japan during the "Lost Decade" which followed the asset-price bubble collapse in the early 1990s. Estimation results based on a structural model suggest that the Bank of Japan's interest-rate policy fits a conventional forward-looking reaction function with an inflation target of about 1 percent. The disappointing economic performance thus seems primarily due to a series of adverse economic shocks rather than an extraordinary policy error. In addition, counterfactual policy simulations based on the estimated structural model suggest that simply raising the inflation target would not have yielded a lasting improvement in performance. However, a price-targeting rule or a policy rule that combined a higher inflation target with a more aggressive response to output would have achieved superior stabilization results. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/232 606 $aMonetary policy$zJapan$xEconometric models 606 $aDeflation (Finance)$zJapan$xEconometric models 606 $aAnti-inflationary policies$zJapan$xEconometric models 606 $aBanks and Banking$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aProduction and Operations Management$2imf 606 $aMonetary Policy$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMacroeconomics: Production$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aMonetary economics$2imf 606 $aMacroeconomics$2imf 606 $aBanking$2imf 606 $aInflation targeting$2imf 606 $aOutput gap$2imf 606 $aCentral bank policy rate$2imf 606 $aMonetary policy$2imf 606 $aPrices$2imf 606 $aProduction$2imf 606 $aEconomic theory$2imf 606 $aInterest rates$2imf 606 $aBanks and banking$2imf 607 $aJapan$xEconomic conditions$y1989- 607 $aJapan$xEconomic policy$y1989- 607 $aJapan$2imf 615 0$aMonetary policy$xEconometric models. 615 0$aDeflation (Finance)$xEconometric models. 615 0$aAnti-inflationary policies$xEconometric models. 615 7$aBanks and Banking 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aProduction and Operations Management 615 7$aMonetary Policy 615 7$aPrice Level 615 7$aDeflation 615 7$aMacroeconomics: Production 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aMonetary economics 615 7$aMacroeconomics 615 7$aBanking 615 7$aInflation targeting 615 7$aOutput gap 615 7$aCentral bank policy rate 615 7$aMonetary policy 615 7$aPrices 615 7$aProduction 615 7$aEconomic theory 615 7$aInterest rates 615 7$aBanks and banking 676 $a339.5;339.530952 700 $aLeigh$b Daniel$01603511 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910812447703321 996 $aMonetary Policy and the Lost Decade$94017615 997 $aUNINA