03535nam a22005175i 4500 978-981-97-9408-9 DE-He213 20251030114631.0 cr nn 008mamaa 241220s2024 si | s |||| 0|eng d 9789819794089 978-981-97-9408-9 10.1007/978-981-97-9408-9 doi HG1-9999 KFF bicssc BUS027000 bisacsh KFF thema Hattori, Shigeyuki. author. aut http://id.loc.gov/vocabulary/relators/aut 89288 Why the Bank of Japan Has Failed to Conquer Deflation in Japan [electronic resource] / by Shigeyuki Hattori. 1st ed. 2024. Singapore : Springer Nature Singapore : Imprint: Springer, 2024. XV, 161 p. 26 illus. online resource. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Introduction: Historical Fiasco of the Monetary Policy -- Consumer Prices in Japan are Determined by Costs -- There is No Monetary Policy Working on Inflation Expectations -- The Bank of Japan under Kuroda has Abandoned the Reflationist Theory -- Revisiting the Controversy on the Money Supply -- Conclusion: Thus, the Reflationist Theory has Collapsed. This book is published in English that fully reveals why the Bank of Japan (BOJ) under Governor Haruhiko Kuroda has failed to end deflation. The BOJ’s monetary policy was based on the theories of reflationist economists such as Kikuo Iwata. They argued that if the BOJ adopted an inflation target that had a deadline for meeting that goal, clarified the Bank’s responsibility, and supplied a large monetary base through a quantitative easing policy, inflation expectations would rise and deflation would be overcome. This book shows that there is no theoretical basis or evidence for this claim. Furthermore, the supply of a large monetary base itself became impossible and was abandoned in 2016. However, since publicly stating that overcoming deflation is impossible would incur embarrassment and a loss of confidence, the BOJ made it appear as if a former policy was still in place. The book also reveals that consumer prices in Japan changed in tandem with import prices; consequently, in 2022, consumer prices rose by 4% due to the surge in import prices. Since the 1990s, the BOJ has been the focus of intense attention from economists around the world interested in monetary policy. The explanation presented here, showing the BOJ’s historic fiasco under Gov. Kuroda in controlling deflation, provides valuable lessons for monetary policymakers and economists. Finance. 58339 Finance, Public. 59081 Macroeconomics. Financial Economics. 69737 Public Economics. 72216 Macroeconomics and Monetary Economics. 69508 SpringerLink (Online service) Springer Nature eBook Printed edition: 9789819794072 Printed edition: 9789819794096 Printed edition: 9789819794102 https://doi.org/10.1007/978-981-97-9408-9 ZDB-2-ECF ZDB-2-SXEF 65903 65903