Description
Book SynopsisBolder 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 Abenomicsan economic agenda to reflate the economyand 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 gai
Trade Review
This is an outstanding book on a topic of great importance... this book provides the most detailed and insightful account written in the English language of the ideational and political institutional contexts that inform the Bank of Japan's (BOJ) decisions about monetary policy in the contemporary era.
* Perspectives on Politics *
An informed and in-depth look at the institutional, intellectual, and political environment that allowed deflation to take root... Taming Japan's Deflation is indispensable for anyone who wants to understand why Japan lingered in deflation for so long and how it switched to different policies that may be leading to better outcomes.
* Pacific Affairs *
