LEADER 04560nam 22007214a 450 001 9910817065003321 005 20240418130629.0 010 $a1-281-12577-6 010 $a9786611125776 010 $a0-226-37901-9 024 7 $a10.7208/9780226379012 035 $a(CKB)1000000000414627 035 $a(EBL)408380 035 $a(OCoLC)476228750 035 $a(SSID)ssj0000205085 035 $a(PQKBManifestationID)11184655 035 $a(PQKBTitleCode)TC0000205085 035 $a(PQKBWorkID)10189394 035 $a(PQKB)11741063 035 $a(StDuBDS)EDZ0000115818 035 $a(MiAaPQ)EBC408380 035 $a(DE-B1597)524260 035 $a(OCoLC)1058356646 035 $a(DE-B1597)9780226379012 035 $a(Au-PeEL)EBL408380 035 $a(CaPaEBR)ebr10209942 035 $a(CaONFJC)MIL112577 035 $a(EXLCZ)991000000000414627 100 $a20050924d2006 uy 0 101 0 $aeng 135 $aurnn#---|u||u 181 $ctxt 182 $cc 183 $acr 200 00$aMonetary policy with very low inflation in the Pacific Rim /$fedited by Takatoshi Ito and Andrew K. Rose 205 $a1st ed. 210 $aChicago $cUniversity of Chicago Press$d2006 215 $a1 online resource (426 p.) 225 1 $aNBER-East Asia seminar on economics ;$vv. 15 300 $aDescription based upon print version of record. 311 0 $a0-226-37897-7 320 $aIncludes bibliographical references and indexes. 327 $tFront matter --$tContents --$tAcknowledgments --$tIntroduction to EASE-15: Monetary Policy with Very Low Inflation in the Pacific Rim --$t1. A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap --$t2. Monetary Policy, Asset-price Bubbles, and the Zero Lower Bound --$t3. Money Growth and Interest Rates --$t4. Two Decades of Japanese Monetary Policy and the Deflation Problem --$t5. Financial Strains and the Zero Lower Bound: The Japanese Experience --$t6. Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999-2004 --$t7. Fiscal Remedies for Japan's Slump --$t8. Stock Market Liquidity and the Macroeconomy: Evidence from Japan --$t9. Interest Rate, Inflation, and Housing Price: With an Emphasis on Chonsei Price in Korea --$t10. Deflation and Monetary Policy in Taiwan --$tContributors --$tAuthor Index --$tSubject Index 330 $aExtremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries-most prominently Japan, but also Taiwan and China-have actually experienced deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions. The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episodes, they argue, may be linked to rapid growth on the supply side of economies. Here, inadequate demand policy can produce what is referred to as a "liquidity trap" in which the expectation of falling prices encourages agents to defer costly purchases, thereby discouraging growth. Low inflation rates can also be traced to the presence of a "zero-lower bound" on interest rates, as well as the inflation-targeting phenomenon. Targets have been set so low, the editors argue, that in some cases a few bad shocks lead to deflation. 410 0$aNBER-East Asia Seminar on Economics (Series) ;$vv. 15. 606 $aMonetary policy$zPacific Area 606 $aInflation (Finance)$zPacific Area 610 $amoney, finance, wealth, income, financial, economics, economy, regional, international, global, rates, japan, taiwan, china, asia, asian, deflation, problem, solution, academic, scholarly, research, essay collection, anthology, price, policy, interest, strategy, liquidity, asset, prices, fiscal, slump, case study, macroeconomy, housing. 615 0$aMonetary policy 615 0$aInflation (Finance) 676 $a339.5/3091823 686 $a83.44$2bcl 701 $aIto?$b Takatoshi$f1950-$0116437 701 $aRose$b Andrew$f1959-$0123580 712 02$aNational Bureau of Economic Research. 712 12$aNBER-East Asia Seminar on Economics 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910817065003321 996 $aMonetary policy with very low inflation in the Pacific Rim$94119609 997 $aUNINA