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Taming Japan's Deflation: The Debate over Unconventional Monetary Policy (Cornell Studies in Money)

Taming Japan's Deflation: The Debate over Unconventional Monetary Policy (Cornell Studies in Money)

by Giacomo Chiozza (Author), Gene Park (Author), Gene Park (Author), Giacomo Chiozza (Author), Saori N. Katada (Author), Yoshiko Kojo (Author)

  • New

    Hardcover 2018

    $66.46
Synopsis

Bolder economic policy could have addressed bouts of deflation in post-Bubble Japanese history, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and unconventional monetary 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 helped.

With Prime Minister Abe Shinzo's return to power, Japan shifted course in early 2013 with the launch of his Abenomics economic agenda to reflate the economy and his appointment of a new leadership at the BOJ to achieve this goal. As Taming Japan's Deflation shows, the BOJ's resistance to bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the BOJ's long history and gained dominance due to the closed nature of the policy network.

The explanatory power of policy ideas and networks suggests an inadequacy in the dominant framework for analysis of the politics of monetary policy derived from literature on central bank independence. This approach privileges the interaction between political principals and their agents, central bankers; but Taming Japan's Deflation shows that central bankers' views can be decisive in determining monetary policy. Addressing the challenges through institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of other countries to Japan, the authors show that the adoption of aggressive monetary policy depends on bankers' established preceding policy ideas and policy network structure.

$66.46

Quantity

20+ in stock

More Information

Format: Hardcover
 Pages: 264
 Publisher: Cornell University Press
Published: 15 Nov 2018
ISBN 10: 1501728172
ISBN 13: 9781501728174

Media Reviews

Taming Japan's Deflation provides the most detailed and up-to-date English-language examination of the Bank of Japan as an institution. One of the most puzzling macroeconomic stories of the last two decades has been the BOJ's failure to effectively address the challenge of deflation. The authors thoroughly and clearly address this puzzle, to which political scientists and economists have often pointed but never really explored comprehensively.

-- William Grimes, Professor of International Relations and Political Science, Frederick S. Pardee School of Global Studies, Boston University, and author of Currency and Contest in East Asia: The Great Power Politics of Financial Regionalism

Taming Japan's Deflation provides interesting new insights on the making of monetary policy in Japan.

-- Ben S. Bernanke, Distinguished Fellow in Residence, The Brookings Institution
Author Bio
Gene Park is Associate Professor of Political Science at Loyola Marymount University. He is the author of Spending without Taxation. Saori N. Katada is Associate Professor in the School of International Relations at the University of Southern California. She is the author of Banking on Stability. Giacomo Chiozza is an expert in world politics and statistical modeling, and co-author, most recently, of Leaders and International Conflict. He is Associate Professor in the Department of International Studies at the American University of Sharjah. Yoshiko Kojo is Professor in the Department of Advanced Social and International Relations at the University of Tokyo. She is the author of Japan in International Politics.