Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped.With Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics-an economic agenda to reflate the economy-and Abe's appointment of new leadership at the BOJ. As Taming Japan's Deflation shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network.The explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis ofthe politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but Taming Japan's Deflation shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network.
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Library of Congress CataloginginPublication Data Names: Park, Gene, author. | Katada, Saori N., author. | Chiozza, Giacomo, author. | Kojo, Yoshiko, 1956– author. Title: Taming Japan’s deflation : the debate over unconventional monetary policy / Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo. Description: Ithaca [New York] : Cornell University Press, 2018. | Series: Cornell studies in money | Includes bibliographical references and index. Identifiers: LCCN 2018007696 (print) | LCCN 2018021284 (ebook) | ISBN 9781501728181 (pdf) | ISBN 9781501728198 (epub/mobi) | ISBN 9781501728174 (cloth : alk. paper) Subjects: LCSH: Monetary policy—Japan. | Deflation (Finance)—Japan. | Nihon Ginkō. | Banks and banking, Central—Japan. | Japan—Economic policy—1989– Classification: LCC HG1275 (ebook) | LCC HG1275 .P27 2018 (print) | DDC 339.5/30952—dc23 LC record available at https://lccn.loc.gov/2018007696
1.Ideas, Networks, and Monetary Politics in Japan2. Deflation, Monetary Policy Responses, and the BOJ3. Monetary Politics: Interests, Ideas, and Policy Networks4.The BOJ Worldview and Its Historical Development5.The Monetary Policy Network6. Ideas and Monetary Policy: A Quantitative Test7.Monetary Policymaking, 1998–20128.Abenomics and the Break with the BOJ Orthodoxy9.Conclusion: Monetary Policy, Networks, and the Diffusion of Ideas
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