| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11151 |
| 来源ID | Working Paper 11151 |
| Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999-2004 | |
| Mitsuru Iwamara; Takeshi Kudo; Tsutomu Watanabe | |
| 发表日期 | 2005-02-21 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We characterize monetary and fiscal policy rules to implement optimal responses to a substantial decline in the natural rate of interest, and compare them with policy decisions made by the Japanese central bank and government in 1999-2004. First, we find that the Bank of Japan's policy commitment to continuing monetary easing until some prespecified conditions are satisfied lacks history dependence, a key feature of the optimal monetary policy rule. Second, the term structure of the interest rate gap (the spread between the actual real interest rate and its natural rate counterpart) was not downward sloping, indicating that the Bank of Japan's commitment failed to have su.cient influence on the market's expectations about the future course of monetary policy. Third, we find that the primary surplus in 1999-2004 was higher than predicted by the historical regularity, implying that the Japanese government deviated from the Ricardian rule toward fiscal tightening. These findings suggest that inappropriate conduct of monetary and fiscal policy during this period delayed the timing to escape from the liquidity trap. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w11151 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568788 |
| 推荐引用方式 GB/T 7714 | Mitsuru Iwamara,Takeshi Kudo,Tsutomu Watanabe. Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999-2004. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11151.pdf（545KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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