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Topic: Monetary and fiscal policy of Japan

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	Fiscal policy - Wikipedia, the free encyclopedia
		Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded.
		Fiscal Policy and Monetary Policy are the macroeconomic tools that governments have at their disposal to manage the economy.
		Fiscal Policy is used by governments to influence the level of aggregate demand in the economy, in an effort to achieve economic objectives of price stability, full employment and economic growth.
	en.wikipedia.org /wiki/Fiscal_policy (566 words)

	Monetary Policy Dominates (Site not responding. Last check: 2007-10-10)
		Fiscal policy has been highly restrictive for some years, with a shift from large deficits to surpluses in a few years.
		Monetary policy has been expansive, with M2 rising at the annual rate of 15.4% during the past three months, 8.7% over the past year and 4.7% over the preceding five years (1992-97).
		Government fiscal stimulus has largely taken the form of infrastructure building, stimulated in part by the construction industry's generous contributions to the ruling Liberal Democratic Party--a story that clearly has its counterpart in the U.S. Supply-side fiscal policy is very different.
	home.uchicago.edu /~jiseppal/econ202/old/friedman.html (623 words)

	Canadian fiscal and monetary policy and macroeconomic performance 1984-1993: The Mulroney years Journal of Canadian ... (Site not responding. Last check: 2007-10-10)
		A reversal from an anti-inflationary policy to an accommodative or expansionary one was marked by the sharp growth in M1 in 1983, the growth in M2 and the continued depreciation of the Canadian dollar.
		Monetary policy was accommodative and expansionary from 1982 to 1988, then increasingly restrictive from 1989 to 1991, before easing in 1992.
		When monetary policy was changed to eliminate inflation, permanently reducing the rate of growth of nominal GDP and reducing real GDP growth in the process, the government's budget deficit grew despite continued efforts to control expenditure and enhance revenues.
	www.findarticles.com /p/articles/mi_qa3683/is_199704/ai_n8778449 (6238 words)

	Fiscal and Monetary Policy: Conference Summary (2005-12, 6/10/2005)
		Recent developments, including the active use of countercyclical fiscal policy in Japan and the United States and the formation of a monetary union in Europe, have provided an impetus for a wide range of research on fiscal policy and its interaction with monetary policy, as represented by four of the conference papers.
		Part and parcel of joining a monetary union is the loss of independent monetary policies in each of the member countries, which limits the ability to use monetary policy to stabilize economic disturbances that affect only a subset of the countries in the union.
		Monetary policy rules are often expressed such that the choice variable for the central bank, usually a short-term nominal interest rate, is determined by a number of economic variables according to a mathematical equation.
	www.frbsf.org /publications/economics/letter/2005/el2005-12.html (1655 words)

	Japan Monetary and Fiscal Policy - Flags, Maps, Economy, History, Climate, Natural Resources, Current Issues, ...
		Monetary policy pertains to the regulation, availability, and cost of credit, while fiscal policy deals with government expenditures, taxes, and debt.
		In the postwar period, the government's fiscal policy centers on the formulation of the national budget, which is the responsibility of the Ministry of Finance.
		Loans from the Fiscal Investment and Loan Program, which are outside the general budget and funded primarily from postal savings, represent more than 20 percent of the general account budget, but their total effect on economic investment is not completely accounted for in the national income statistics.
	www.photius.com /countries/japan/economy/japan_economy_monetary_and_fiscal_~384.html (538 words)

	United States Economy - Monetary and Fiscal Policy
		Much of the history of economic policy in the United States since the Great Depression of the 1930s has involved a continuing effort by the government to find a mix of fiscal and monetary policies that will allow sustained growth and stable prices.
		Its most important monetary policy decisions are made by the Federal Open Market Committee (FOMC), which consists of the seven governors, the president of the Federal Reserve Bank of New York, and presidents of four other Federal Reserve banks who serve on a rotating basis.
		There is a limit to how much monetary policy can do to help the economy during a period of severe economic decline, such as the United States encountered during the 1930s.
	countrystudies.us /united-states/economy-7.htm (4781 words)

	Integration in the EU and Monetary Policy
		By tying their monetary policy to the Bundesbank’s well known monetary targeting policy, they were able to import German credibility to reduce their own inflation.
		In the EU fiscal policy is not centralized, rather it is decided within each country individually; making it closer to a federation than a pure monetary union.
		By assuming that monetary policy should exclusively rely on area-wide information implies that events that happen in individual countries are entirely negligible because they do not differ from each other enough to matter.
	www.bu.edu /econ/faculty/kyn/newweb/Ec341_money/Papers/Aranda_paper.htm (2128 words)

	David Smith's EconomicsUK.com: Germany and Japan - too close for comfort
		Japan has the oldest population in the world, while Germany is facing the biggest decline in population, certainly in Europe.
		Japan, free from any external constraints, has had a series of fiscal packages, which are now regarded with weary resignation by consumers and businesses, and increased its budget deficit to 7 per cent of gross domestic product.
		Similarly, the Bank of Japan has cut interest rates to zero in an effort to stimulate the economy, while Germany has had to endure somewhat higher interest rates (willingly, it should be said) because the European Central Bank sets monetary policy for the whole of the euro area.
	www.economicsuk.com /blog/000016.html (1089 words)

	Reviving Fiscal Policy - John Maynard Keynes Challenge - Find Articles (Site not responding. Last check: 2007-10-10)
		By the 1960s, it was widely agreed that fiscal policy should be used to counter fluctuations in the economy.
		The majority of economists have concluded that monetary policy alone should be used to stabilize the economy, and a minority have argued that the government should not use either monetary or fiscal policy for that purpose.
		The purpose of this article is to revisit countercycical fiscal policy and to contend that its revival is warranted and may prove extremely important.
	www.findarticles.com /p/articles/mi_m1093/is_3_44/ai_75532959 (797 words)

	Outline of the U.S. Economy
		The development of fiscal policy is an elaborate process.
		One other reason suggests why fiscal policy may be more suited to fighting unemployment, while monetary policy may be more effective in fighting inflation.
		Today, Federal Reserve economists use a number of measures to determine whether monetary policy should be tighter or looser.
	usinfo.state.gov /products/pubs/oecon/chap7.htm (4829 words)

	SCURVE
		Japan is currently engaged in the largest peacetime fiscal stimulus in history, with a budget deficit of around 10 percent of GDP.
		With large excess capacity, Japan is unmistakably constrained by demand rather than supply; with call money rates hard up against zero, Japan has the fixed interest rate assumed in naive multiplier analysis.
		Meanwhile further steps on monetary policy - the sort of thing you would advocate if you believed in a more conventional, boring model, one in which the problem is simply a question of the savings-investment balance - are rejected as dangerously radical and unbecoming of a dignified economy.
	web.mit.edu /krugman/www/SCURVE.htm (1116 words)

	Monetary and fiscal policy of Japan - Wikipedia, the free encyclopedia
		Loans from the Fiscal Investment and Loan Program, which are outside the general budget and funded primarily from postal savings, represent more than 20 % of the general account budget, but their total effect on economic investment is not completely accounted for in the national income statistics.
		After the breakdown of the economic bubble in the early 1990s the country's monetary policy has become a major reform issue.
		The image of "Japan Incorporated," in which harmony and unanimity are virtually automatic, belies the reality of intense rivalry.
	en.wikipedia.org /wiki/Monetary_and_fiscal_policy_of_Japan (933 words)

	Rules for Monetary Policy
		Thus, it makes sense to rank alternative monetary policies according to how well they stabilize (an appropriate measure of) inflation on the one hand, and how well they stabilize (an appropriate measure of) the output gap on the other.
		The goal of policy then should be to keep inflation from differing too greatly from the current "inertial" rate of inflation, which implies that inflation should not be reduced too abruptly if it has been allowed to exceed its optimal long-run level.
		It is arguable that the Bank of Japan's emphasis (prior to 2001) on its determination to end loose monetary policy as quickly as possible prolonged the Japanese deflation unnecessarily.
	www.nber.org /reporter/spring06/woodford.html (3573 words)

	Morning in Japan? - By Paul Krugman - Slate Magazine (Site not responding. Last check: 2007-10-10)
		Japan's unemployment statistics notoriously understate the true extent of joblessness, but even so the current 4.4 percent rate is the highest in the 45 years the number has been published.
		So if Japan can somehow persuade its consumers and business investors to start spending again, there is room for several years of rapid growth--even if the "structural" problems remain unsolved.
		Paul Krugman's own writings on Japan's plight are collected on his "special page on Japan." For a selection of other readings, see the section on Japan's economic crisis on Nouriel Roubini's Asia crisis home page.
	www.slate.com /id/21569 (1478 words)

	Econlog, Monetary Policy Archives: Library of Economics and Liberty
		If interest rates are the measure of monetary policy, then we have already seen a strong tightening.
		The improvement in [policy] performance is all the more remarkable because velocity behaved atypically, rising sharply from 1990 to 1997 and then declining sharply -- a veritable bubble in velocity.
		But the difference between an 84 percent increase in the monetary base and a 20 percent increase in broad money suggests that the troubled banks are soaking up a lot of the liquidity that the central bank tried to supply.
	econlog.econlib.org /archives/cat_monetary_policy.html (5401 words)

	BW Online \| July 22, 2002 \| Why Japan's Monetary Policy Makes Good Sense
		The commentary on Japan's monetary policy, "Printing yen is not the answer" (Finance, July 1), raises the specter of Weimar Republic-like hyperinflation but then acknowledges that Japan is still plagued by deflation.
		You argue that this policy enables the government to continue on a "spending spree," but in fact this fiscal policy is probably too tight.
		Japan faces massive debt deflation by the private corporate sector, whose debt has fallen cumulatively by roughly 30% of gross domestic product over the past four years, as companies struggle to reduce the huge debt load built up during the bubble period.
	www.businessweek.com /magazine/content/02_29/c3792125.htm (879 words)

	FRB: Speech, Bernanke--Some thoughts on monetary policy in Japan--May 31, 2003
		The budgetary neutrality of the proposal is of course a consequence of the fact that, as a matter of arithmetic, any capital gains or losses in the value of government securities held by the BOJ are precisely offset by opposite changes in the net worth of the issuer of those securities, the government treasury.
		In short, to strengthen the effects of fiscal policy, it would be helpful to break the link between expansionary fiscal actions today and increases in the taxes that people expect to pay tomorrow.
		Under the current circumstances, greater cooperation for a time between the Bank of Japan and the fiscal authorities is in no way inconsistent with the independence of the central bank, any more than cooperation between two independent nations in pursuit of a common objective is inconsistent with the principle of national sovereignty.
	www.federalreserve.gov /BOARDDOCS/SPEECHES/2003/20030531/default.htm (5654 words)

	Brad DeLong's Semi-Daily Journal: Fair and Balanced Almost Every Day: Fiscal Policy
		Appropriate fiscal policy would have had us running a large surplus--a more than $2 trillion ten-year surplus--to prefund the expenditures that will be needed because of our aging population.
		In the wake of the dot-com collapse, monetary policy was successful in spurring economic recovery by encouraging a massive boom in residential investment.
		The appropriate stance for fiscal policy right now is not to have--as Mankiw maintains--a debt-to-GDP level equal to some historical average, but to have a low debt-to-GDP ratio in order to be well-positioned for the stresses that the next two generations of population aging and rising medical capabilities place on the federal budget.
	delong.typepad.com /sdj/fiscal_policy/index.html (14921 words)

	Economics Monetary Theory/Policy Homework Help
		After 1985 the United States asked Germany and Japan to adopt fiscal and monetary expansion as ways of increasing foreign demand for U.S. output and reducing the American current account deficit.
		Explain which type of policy would the Keynesian economists expect to be effective in the kind of situation prescribed in the previous question 3303.
		Assume that the inflation rate in the U.S. and japan are 4% and 2%, respectively and that the current spot rate is $.0083333 per Japanese yen or 120 Japanesse yen per one U.S. dollar.
	www.brainmass.com /homeworkhelp/economics/monetarytheorypolicy (541 words)

	Japan monetary policy impact on asset prices, wealth effect bubble burst and Recovery Simulation
		Monetary policy impact on Japan economic growth, capital market asset (equities, bond, housing, commodity) prices, inflation, currency.
		Monetary policy impact on Asian and China economic outlook, asset prices, warned that any free float of RMB will lead to China currency crisis and US runaway inflation and repeat past global financial crisis, bubble burst.
		These deterministic, dynamic simulation of last 20 years global asset prices, and economy boom and bust of the asset bubble vicious cycle of excessive monetary policy, low interest rate induced sustained long term bull markets stocks prices gain caused consumer and business spending in real estate properties pushed soaring housing prices and rent.
	www.osawh.com /Japan.html (3144 words)

	Amazon.com: Monetary and Fiscal Policy, Vol. 1: Credibility: Books: Torsten Persson,Guido Tabellini (Site not responding. Last check: 2007-10-10)
		These two volumes bring together major contributions to a new theory of macroeconomic policy that analyzes which policies are credible or politically feasible, topics that are central to the practical policy debate but that traditional theory cannot address.
		Instead of looking at policy as an end product, the contributors approach policy as an ongoing process of revised goals, changes in tactics, and political pressures.
		It explains why certain monetary and fiscal policies get implemented, and provides insights into situations that occur repeatedly in macroeconomic policy such as the bias toward government deficits, partisan competition, and central bank independence.
	www.amazon.com /Monetary-Fiscal-Policy-Vol-Credibility/dp/0262660873 (746 words)

	Tools of Fiscal and Monetary Policy - International Central banks monetary conversion system - Money creation - ... (Site not responding. Last check: 2007-10-10)
		Monetary policy is therefore easy and very complex at the same time.
		Without such fiscal measures, all your monetary or budgetary strategies will benefit a more competitive foreign country, just as the United States budgetary policy now benefits more to Chinese than to US firms and workers.
		A quick growth in monetary mass with no attention paid to the quality and productivity of domestic firms is inefficient.
	www.occult-advances.org /monet.shtml (1411 words)

	FRB: IFDP paper - number 729 (Site not responding. Last check: 2007-10-10)
		We conclude that Japan’s sustained deflationary slump was very much unanticipated by Japanese policymakers and observers alike, and that this was a key factor in the authorities’ failure to provide sufficient stimulus to maintain growth and positive inflation.
		We found little compelling evidence that in the lead up to deflation in the first half of the 1990s, the ability of either monetary or fiscal policy to help support the economy fell off significantly.
		Based on all these considerations, we draw the general lesson from Japan’s experience that when inflation and interest rates have fallen close to zero, and the risk of deflation is high, stimulus, both monetary and fiscal, should go beyond the levels conventionally implied by baseline forecasts of future inflation and economic activity.
	www.federalreserve.gov /pubs/ifdp/2002/729/default.htm (265 words)

	IMF World Economic Outlook (WEO), Fiscal Policy and Macroeconomic Stability, May 2001--Contents
		The World Economic Outlook presents the IMF staff’s analysis and projections of economic developments at the global level, in major country groups (classified by region, stage of development, etc.), and in many individual countries.
		It focuses on major economic policy issues as well as on the analysis of economic developments and prospects.
		It is usually prepared twice a year, as documentation for meetings of the International Monetary and Financial Committee, and forms the main instrument of the IMF’s global surveillance activities.
	www.imf.org /external/pubs/ft/weo/2001/01/index.htm (701 words)

	RGE - ECB Monetary Policy
		Panel Intervention at the 4th ECB Central Banking Conference on “The role of money: Money and monetary policy in the 21st century”
		Monetary Aggregates and Monetary Policy at the Federal Reserve: A Historical Perspective
		A treasure trove of the most current coverage on breaking issues including analysis, news, opinions, top research papers, important speeches, and blogs.
	www.rgemonitor.com /617/global_macroeconomics/ecb_monetary_policy (441 words)

	Welcome to Policy Research Institute , Ministry of Finance , Japan
		International Conference " Aging East Asia :Policy Responses and Regional Cooperation " Co-organized by Policy Research Institute, Ministry of Finance, Japan and Asian Development Bank Institute (June 1, 2006)
		"PRI Seminar: Sustainable Grows in the Japanese Economy: New Lincages between Monetary and Fiscal Policy (June 26, 2003)"
		The outline of Intellectual Support by the Policy Research Institute (PRI)
	www.mof.go.jp /english/soken/pri_top.htm (870 words)

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