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Monetary policy with very low inflation in the Pacific Rim [electronic resource] / edited by Takatoshi Ito and Andrew K. Rose.

Author/Creator:
NBER-East Asia Seminar on Economics Corporate Author
Publication:
Chicago : University of Chicago Press, 2006.
Format/Description:
Conference/Event
Book
1 online resource (426 p.)
Conference Name:
NBER-East Asia Seminar on Economics (15th : 2004 : Tokyo, Japan)
NBER-East Asia Seminar on Economics
Series:
NBER-East Asia Seminar on Economics (Series) ; v. 15.
NBER-East Asia seminar on economics ; v. 15
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Subjects:
Monetary policy -- Pacific Area.
Inflation (Finance) -- Pacific Area.
Form/Genre:
Electronic books.
Language:
English
Summary:
Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries-most prominently Japan, but also Taiwan and China-have actually experienced deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions. The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episodes, they argue, may be linked to rapid growth on the supply side of economies. Here, inadequate demand policy can produce what is referred to as a "liquidity trap" in which the expectation of falling prices encourages agents to defer costly purchases, thereby discouraging growth. Low inflation rates can also be traced to the presence of a "zero-lower bound" on interest rates, as well as the inflation-targeting phenomenon. Targets have been set so low, the editors argue, that in some cases a few bad shocks lead to deflation.
Contents:
Front matter
Contents
Acknowledgments
Introduction to EASE-15: Monetary Policy with Very Low Inflation in the Pacific Rim
1. A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap
2. Monetary Policy, Asset-price Bubbles, and the Zero Lower Bound
3. Money Growth and Interest Rates
4. Two Decades of Japanese Monetary Policy and the Deflation Problem
5. Financial Strains and the Zero Lower Bound: The Japanese Experience
6. Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999-2004
7. Fiscal Remedies for Japan's Slump
8. Stock Market Liquidity and the Macroeconomy: Evidence from Japan
9. Interest Rate, Inflation, and Housing Price: With an Emphasis on Chonsei Price in Korea
10. Deflation and Monetary Policy in Taiwan
Contributors
Author Index
Subject Index
Notes:
Description based upon print version of record.
Includes bibliographical references and indexes.
Contributor:
National Bureau of Economic Research.
Itò„, Takatoshi, 1950-
Rose, Andrew, 1959-
ISBN:
1-281-12577-6
9786611125776
0-226-37901-9
OCLC:
476228750
Publisher Number:
10.7208/9780226379012 doi