GRIPS 政策研究センター Policy Research Center


2007/6/1 Report No:07-04

Japan’s Monetary Policy Transition, 1955-2005

  • James R. Rhodes政策研究大学院大学
  • 吉野 直行Department of Economics, Keio University
分野 経済学
言語 英語

This paper surveys the postwar evolution of Bank of Japan (BOJ) monetary policy. Using both qualitative and quantitative data, we describe the changes in the money supply process in response to changing institutional constraints. We focus on the transition from quantitative to qualitative control mechanisms, illuminating, in particular, the important role of the BOJ’s lending guidance (window guidance) in the early periods and financial liberalization in subsequent periods. Monetary policy reaction functions are estimated and used to verify major changes in policy instruments, targets, and indicators. JEL: E42, E52, E51

添付ファイル 07-04.pdf