Preface to the special feature on recent monetary policy 2
- PDF / 429,906 Bytes
- 3 Pages / 439.37 x 666.142 pts Page_size
- 19 Downloads / 196 Views
Recent Monetary Policy 2
Preface to the special feature on recent monetary policy 2 Naotsugu Hayashi1
© Japan Economic Policy Association (JEPA) 2020
Keywords Global financial crisis · Non-traditional monetary policy · Quantitative monetary easing · Zero interest rate policy · Negative interest rate policy Triggered by the Lehman shock in September 2008, not only developed countries but also developing countries began to suffer from the Global Financial Crisis (GFC), and fell into a prolonged deflationary recession. Most of the governments issued large-scale deficit government bonds to expand their fiscal expenditures. The central banks adopted not only ultra-low interest rate policy, zero interest rate policy (ZIR), and negative interest rate policy (NIR), but also quantitative monetary easing (QE) that significantly increased the monetary base, yield curve control, forward guidance, etc. These new policies are called non-traditional (or non-conventional) monetary policies. But they have not been achieving the desired effects. Then, the International Conferences of the Japan Economic Policy Association (JEPA), determined to hold the plenary session on “Active Monetary Easing and Stable Growth Policy” in 2018, and the special lectures on “Financial Economy after 2020: Non-Traditional Monetary Policies and their Effects” in 2019. The purposes of the former conference in 2018 were to investigate and analyze the causes of the serious deflation and the effects of these new non-traditional policies on the economy and to clarify the effective policies to overcome deflation and recover stable growth especially from the macroeconomic viewpoint, with comparing them internationally. The research papers and comment papers were published in the International Journal of Economic Policy Studies, Vol. 13, Issue 2, 2019, Springer, as was summarized by Hayashi [2]. The purposes of the latter conference in 2019 were almost the same as those in 2018, but the difference is that they were from the viewpoints of not only the macroeconomy but also individual financial industries. The research papers and comment papers are now being published in the International Journal of Economic Policy Studies, Vol. 14, Issue 2, 2020, Springer, as was summarized by Hayashi. The research achievements published in the Special features on recent monetary policy analyzed the non-traditional monetary policies and their effects and impacts * Naotsugu Hayashi [email protected] 1
Faculty of Business Administration, Hosei University, Tokyo, Japan
13
Vol.:(0123456789)
International Journal of Economic Policy Studies
on the real economy and industries from various analytical perspectives, such as practitioners, empirical analysts, and theorists, who participated in these series of international conferences. They will provide useful and valuable implications for all politicians, scholars and the public who wish for achieving 2% inflation target, breaking out of serious deflation and a recovery in stable growth. Professor Jerry L Jordan, Pacific
Data Loading...
