Deleveraging and Monetary Policy
Japan Since the 1990s and the United States Since 2007
Bibliographic Data
| ID | 14855433 |
|---|---|
| Authors | Kazuo Ueda (0000-0002-1885-0463, Professor of Economics, University of Tokyo, Tokyo, Japan., corresponding author) |
| Year | 2012 |
| Volume | 26 |
| Issue | 3 |
| Pages | 177-202 |
| Publication date | 2012-08-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.26.3.177 |
| OpenAlex | W1996948295 |
| Language | EN |
| Citations received | 3 |
| References cited | 14 |
As the U.S. economy works through a sluggish recovery several years after the Great Recession technically came to an end in June 2009, it can only look with horror toward Japan's experience of two decades of stagnant growth since the early 1990s. In contrast to Japan, U.S. policy authorities responded to the financial crisis since 2007 more quickly. Surely, they learned from Japan's experience. I will begin by describing how Japan's economic situation unfolded in the early 1990s and offering some comparisons with how the Great Recession unfolded in the U.S. economy. I then turn to the Bank of Japan's policy responses to the crisis and again offer some comparisons to the Federal Reserve. I will discuss the use of both the conventional interest rate tool—the federal funds rate in the United States, and the “call rate” in Japan—and nonconventional measures of monetary policy and consider their effectiveness in the context of the rest of the financial system
Central bank · Deleveraging · Economic policy · Economics · Financial crisis · Geography · Great recession · Interest rate · Keynesian economics · Monetary economics · Monetary policy · Quantitative easing · Recession · Banking stability, regulation, efficiency · Economic Theory and Policy · Global Financial Crisis and Policies
| Citations per year | 0.5 |
|---|---|
| Citation span | 2020 - 2022 (3) |
| Highly cited | No |