Trend inflation and monetary policy regimes in Japan
This paper examines the dynamics of trend inflation in Japan over the last three decades based on the smooth transition Phillips curve model. We find that there is a strong connection between the trend inflation and monetary policy regimes. The results also suggest that the introduction of the inflation targeting policy and quantitative and qualitative easing in the beginning of 2013 successfully escaped from the deflationary regime, but were not enough to achieve the 2% inflation target....[Show more]
|Collections||ANU Research Publications|
|Source:||Journal of International Money and Finance|
|01_Okimoto_Trend_inflation_and_monetary_2019.pdf||943.5 kB||Adobe PDF||Request a copy|
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