Looking into the rear-view mirror: Lessons from Japan for the Eurozone and the U.S?

This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking parallels. It is found that the poor reputation of the Bank...

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Autor principal:	Pierre L. Siklos
Formato:	article
Lenguaje:	EN
Publicado:	Elsevier 2021
Materias:	Bank of Japan Monetary policy regimes Deflation Central bank credibility Regional economics. Space in economics HT388
Acceso en línea:	https://doaj.org/article/c2900d895f4848f0adeb171e8d87624e
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id	oai:doaj.org-article:c2900d895f4848f0adeb171e8d87624e
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spelling	oai:doaj.org-article:c2900d895f4848f0adeb171e8d87624e2021-12-03T04:01:19ZLooking into the rear-view mirror: Lessons from Japan for the Eurozone and the U.S?2667-111510.1016/j.aglobe.2021.100003https://doaj.org/article/c2900d895f4848f0adeb171e8d87624e2021-01-01T00:00:00Zhttp://www.sciencedirect.com/science/article/pii/S2667111521000037https://doaj.org/toc/2667-1115This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking parallels. It is found that the poor reputation of the Bank of Japan (BoJ) is, at times, underserved. To be sure, there were periods of excessive tightness in policy, but the same is true for the other two economies considered. Indeed, the BoJ has been more credible than the other two central banks considered at various times over the past three decades.In addition, a look back at BoJ over the decades does not provide much support the hypothesis that a significant policy break translates into economic success. Instead, smaller changes are just as likely to lead to a tipping point with significant consequences. Indeed, some narrative-based significant regime shifts do not show in the data.Pierre L. SiklosElsevierarticleBank of JapanMonetary policy regimesDeflationCentral bank credibilityRegional economics. Space in economicsHT388ENAsia and the Global Economy, Vol 1, Iss 1, Pp 100003- (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Bank of Japan Monetary policy regimes Deflation Central bank credibility Regional economics. Space in economics HT388
spellingShingle	Bank of Japan Monetary policy regimes Deflation Central bank credibility Regional economics. Space in economics HT388 Pierre L. Siklos Looking into the rear-view mirror: Lessons from Japan for the Eurozone and the U.S?
description	This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking parallels. It is found that the poor reputation of the Bank of Japan (BoJ) is, at times, underserved. To be sure, there were periods of excessive tightness in policy, but the same is true for the other two economies considered. Indeed, the BoJ has been more credible than the other two central banks considered at various times over the past three decades.In addition, a look back at BoJ over the decades does not provide much support the hypothesis that a significant policy break translates into economic success. Instead, smaller changes are just as likely to lead to a tipping point with significant consequences. Indeed, some narrative-based significant regime shifts do not show in the data.
format	article
author	Pierre L. Siklos
author_facet	Pierre L. Siklos
author_sort	Pierre L. Siklos
title	Looking into the rear-view mirror: Lessons from Japan for the Eurozone and the U.S?
title_short	Looking into the rear-view mirror: Lessons from Japan for the Eurozone and the U.S?
title_full	Looking into the rear-view mirror: Lessons from Japan for the Eurozone and the U.S?
title_fullStr	Looking into the rear-view mirror: Lessons from Japan for the Eurozone and the U.S?
title_full_unstemmed	Looking into the rear-view mirror: Lessons from Japan for the Eurozone and the U.S?
title_sort	looking into the rear-view mirror: lessons from japan for the eurozone and the u.s?
publisher	Elsevier
publishDate	2021
url	https://doaj.org/article/c2900d895f4848f0adeb171e8d87624e
work_keys_str_mv	AT pierrelsiklos lookingintotherearviewmirrorlessonsfromjapanfortheeurozoneandtheus
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Looking into the rear-view mirror: Lessons from Japan for the Eurozone and the U.S?

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