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Identifier to cite or link to this item: https://hdl.handle.net/10086/28280

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Title
Expected Inflation Regimes in Japan
Creator
Creator Name
OKIMOTO, Tatsuyoshi OKIMOTO, Tatsuyoshi
Affiliation
Affiliation Name
Australian National University
Affiliation
Affiliation Name
RIETI
Editor
Contributor Name
Hitotsubashi Institute for Advanced Study, Hitotsubashi University
Key Word
Hybrid Phillips curve
monetary policy
inflation targeting
qualitative and quantitative easing
smooth transition model
JEL
C22
E31
E52
Abstract
This paper examines the dynamics of expected inflation regimes 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 expected 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 have successfully escaped from the deflationary regime, but was not enough to achieve the 2% inflation target. Finally, our results indicate the significance of exchange rates in explaining the recent fluctuations of inflation, and the importance of oil and stock prices in maintaining the positive expected inflation regime.
Publisher
Hitotsubashi Institute for Advanced Study, Hitotsubashi University
Issued Date
2017-01
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Discussion paper series ; No. HIAS-E-41
Number of Pages
31
Appears in Collections
Discussion paper series / Hitotsubashi Institute for Advanced Study, Hitotsubashi University
URL
https://hdl.handle.net/10086/28280