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200301 ||| eng |
| 020 |
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|a 9781513518350
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| 100 |
1 |
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|a Hong, Gee Hee
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| 245 |
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0 |
|a Achieving the Bank of Japan’s Inflation Target
|c Gee Hee Hong, Rahul Anand, Yaroslav Hul
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2019
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| 300 |
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|a 37 pages
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| 651 |
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4 |
|a Japan
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Interest rates
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| 653 |
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|a Inflation
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| 653 |
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|a Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation
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| 653 |
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|a Banks
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| 653 |
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|a Banks and banking
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| 653 |
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|a Output gap
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| 653 |
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|a Monetary economics
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| 653 |
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|a Financial services
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| 653 |
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|a Inflation targeting
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| 653 |
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|a Deflation
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Production
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| 653 |
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|a Mortgages
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| 653 |
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|a Production; Economic theory
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| 653 |
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|a Macroeconomics: Production
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| 653 |
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|a Price Level
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Monetary policy
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| 653 |
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|a Banking
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Central Banks and Their Policies
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| 653 |
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|a Interest rate floor
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Fiscal and Monetary Policy in Development
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| 653 |
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|a Production and Operations Management
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| 653 |
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|a Central bank policy rate
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| 700 |
1 |
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|a Anand, Rahul
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| 700 |
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|a Hul, Yaroslav
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781513518350.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2019/229/001.2019.issue-229-en.xml?cid=48732-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to achieve the price stability target of 2 percent inflation. In this paper, a forward-looking open-economy general equilibrium model with endogenously determined policy credibility and an effective lower bound is developed for forecasting and policy analysis (FPAS) for Japan. In the model’s baseline scenario, the likelihood of the Bank of Japan reaching its 2 percent inflation target over the medium term is below 40 percent, assuming the absence of other policy reactions aside from monetary policy. The likelihood of achieving the inflation target is even lower under alternative risk scenarios. A positive shock to central bank credibility increases this likelihood, and would require less accommodative macroeconomic policies
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