کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5066430 1476780 2016 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Raising an inflation target: The Japanese experience with Abenomics
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Raising an inflation target: The Japanese experience with Abenomics
چکیده انگلیسی

This paper draws from Japan׳s recent monetary experiment to examine the effects of an increase in the inflation target during a liquidity trap. We review Japanese data and examine through a VAR model how macroeconomic variables respond to an identified inflation target shock. We apply these findings to calibrate the effect of a shock to the inflation target in a new-Keynesian DSGE model of the Japanese economy. We argue that imperfect observability of the inflation target and a separate exchange rate shock are needed to successfully account for the behavior of nominal and real variables in Japan since late 2012. Our analysis indicates that Japan has made some progress towards overcoming deflation, but further measures are needed to raise inflation to 2 percent in a stable manner.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 88, September 2016, Pages 67-87
نویسندگان
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