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Monetary policy with very low inflation in the Pacific Rim

Author: Takatoshi Itō; Andrew Rose
Publisher: Chicago : University of Chicago Press, 2006.
Series: NBER-East Asia Seminar on Economics (Series), v. 15.
Edition/Format:   book_printbook : Conference publication : EnglishView all editions and formats
Database:WorldCat
Summary:
"Extremely 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  Read more...
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Details

Genre/Form: Congresses
Material Type: Conference publication, Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Takatoshi Itō; Andrew Rose
ISBN: 0226378977 9780226378978
OCLC Number: 62084462
Notes: Papers presented at the 15th annual East Asian Seminar on Economics, held June 25-27, 2004, Tokyo.
Description: ix, 415 pages : illustrations ; 24 cm.
Contents: I. Monetary Policy Strategies --
A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap / Bennett McCallum --
Comment / James Harrigan --
Monetary Policy, Asset-price Bubbles, and the Zero Lower Bound / Tim Robinson and Andrew Stone --
Comment / Piti Disyatat --
Comment / Kenneth Kuttner --
Money Growth and Interest Rates / Seok-Kyun Hur --
Comment / R. Anton Braun --
Comment / Yuzo Honda --
Two Decades of Japanese Monetary Policy and the Deflation Problem / Takatoshi Ito and Frederic S. Mishkin --
Comment / Kenneth Kuttner --
Comment / Kazuo leda --
Financial Strains and the Zero Loer Bound : The Japanese Experience / Mitsuhiro Fukao --
Comment / Pii Disyatat --
Comment / James Harrigan --
Monetary and Fiscal Policy in a Liquidity Trap : The Japanese Experience, 1999-2004 / Mitsuru Iwamura, Takeshi Kudo, and Tsutomu Watanabe --
Comment / Funmio Hayashi --
Fiscal Remedies for Japan's Slump / Laurence Ball --
Comment / Mitsuru Iwamura --
II. Case Studies --
Stock Market Liquidity and the Macroeconomy : Evidence from Japan / Woon Gyu Choi and David Cook --
Comment / Shin-ichi Fukuda --
Comment / Makoto Saito --
Interest Rate, Inflation, and Housing Price : With an Emphasis on Chonsei Price in Korea / Dongchul Cho --
Comment / Toshiki Jinushi --
Comment / Mario B. Lamberte --
Deflation and Monetary Policy in Taiwan / Ya-Hwei Yang and Jia-Dong Shea --
Comment / Toshiki Jinushi --
Comment / Shigenori Shiratsuka.
Series Title: NBER-East Asia Seminar on Economics (Series), v. 15.
Responsibility: edited by Takatoshi Ito and Andrew K. Rose.
More information:

Abstract:

"Extremely 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."--Publisher's website.

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