Inflation Targeting and Japan: Why Has the Bank of Japan Not Adopted Inflation Targeting?
Inflation Targeting and Japan: Why Has the Bank of Japan Not Adopted Inflation Targeting?
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通胀目标制与日本：为什么日本央行没有采用通胀目标制？
DOI：
10.3386/w10818
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发表时间：
2004
期刊：
影响因子：
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通讯作者：
Takatoshi Ito
中科院分区：
文献类型：
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作者：
Takatoshi Ito
该文件旨在解释为什么日本央行没有采取通胀目标制，尽管人们呼吁采取这种政策。 1998 年 3 月后公布的日本央行货币政策会议纪要及其成员的讲话为改变反对通胀目标的理由提供了线索。日本早年没有采用通胀目标制（第一波兴趣是在1999-2000年），因为董事会成员不确定合适的物价指数，以及合适通胀率的具体数字。日本银行2000年10月完成的一项研究没有给出任何明确的答案。尽管2001年3月采取了类似通胀目标的承诺战略，但后来几年（2001-2003年）并未采用通胀目标制，因为执委会成员认为没有提高通胀率的传统工具。因此，他们认为宣布正通胀率目标会损害信心。在推出非常规措施方面，日本央行担心传导渠道以及对其资产负债表的损害。在速水行长任期即将结束时，反对通胀目标的观点急剧转为负面，因为新闻报道表明这可能与新行长的任命有关。因此，为什么不采用通胀目标制，可以从政治经济学的角度来解释和理解。
The paper aims at explaining why the Bank of Japan has not adopted inflation targeting, despite calls for such a policy. Disclosed minutes of the Monetary Policy Meetings of the Bank of Japan, after March 1998, as well as Speeches by its members give clues to changing reasons against inflation targeting. Inflation targeting was not adopted in Japan in the early years (the first wave of interest in1999-2000) because the Board members were not sure about an appropriate price index, and a specific number for an appropriate inflation rate. A Bank of Japan study, completed in October 2000, did not give any clear answers. Inflation targeting was not adopted in later years (2001-2003), despite the inflation-targeting-like commitment strategy adopted in March 2001, because the Board members thought that conventional tools to increase the inflation rate were not available. As such, they thought that announcing a target with a positive inflation rate would damage confidence. In terms of introducing unconventional measures, the Bank of Japan worried about the transmission channels and the damage to its balance sheet. Towards the end of Governor Hayami fs term, the views against inflation targeting turned sharply negative, as news reports suggested that it may be linked to the new Governor fs appointment. Therefore, , why inflation targeting was not adopted, can be explained and understood from a political economy perspective.
伊藤隆俊——我的研究
DOI：
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DOI：
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发表时间：
2003
期刊：
Paul Mizen (ed. )“Monetary History, Exchange Rates and Financial Markets"
影响因子：
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作者：
中野守・丸尾直美;他著;KUME Takashi;Takatoshi Ito
通讯作者：
Takatoshi Ito