Specification and Analysis of a Monetary Policy Rule for Japan
Specification and Analysis of a Monetary Policy Rule for Japan
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日本货币政策规则的说明与分析
DOI：
10.3386/w4449
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发表时间：
1993
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通讯作者：
B. Mccallum
中科院分区：
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作者：
B. Mccallum
本文在日本经济的几个小规模模型中，研究了与美国相关的货币政策操作规则的性能。该规则规定了货币基础的设置，旨在使名义国民生产总值接近以非通胀率平稳增长的目标。用1972-1992年期间的季度数据进行的模拟产生了主要有利的结果。还进行了利率工具的实验，但模拟性能不太理想。第一节讨论日本的基础货币控制问题。
This paper investigates the performance, in several small-scale models of the Japanese economy, of an operational monetary policy rule related to ones previously considered for the United States. The rule dictates settings of the monetary base that are designed to produce values of nominal GNP close to targets that grow smoothly at a noninflationary rate. Simulations with quarterly data for the period 1972-1992 yield predominantly favorable results. Experiments with an interest rate instrument are also conducted but the simulated performance is less desirable. One section discusses issues concerning monetary base control in Japan.
上田一夫：“日本货币政策的比较视角：短期货币控制和传导机制”日本货币政策。
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