TAILIEUCHUNG - Seventh Edition - The Addison-Wesley Series in Economics Phần 8

Việc tăng giá dầu vào cuối năm 1973 là một cú sốc lớn đối với Nhật Bản, trải qua một bước nhảy lớn trong tỷ lệ lạm phát lớn hơn 20% trong năm 1974, một sự đột biến tạo điều kiện tăng trưởng tiền tệ năm 1973 vượt quá 20%. | CHAPTER 21 Monetary Policy Strategy The International Experience 497 Japan. The increase in oil prices in late 1973 was a major shock for Japan which experienced a huge jump in the inflation rate to greater than 20 in 1974 a surge facilitated by money growth in 1973 in excess of 20 . The Bank of Japan like the other central banks discussed here began to pay more attention to money growth rates. In 1978 the Bank of Japan began to announce forecasts at the beginning of each quarter for M2 CDs. Although the Bank of Japan was not officially committed to monetary targeting monetary policy appeared to be more money-focused after 1978. For example after the second oil price shock in 1979 the Bank of Japan quickly reduced M2 CDs growth rather than allowing it to shoot up as occurred after the first oil shock. The Bank of Japan conducted monetary policy with operating procedures that were similar in many ways to those that the Federal Reserve has used in the United States. The Bank of Japan uses the interest rate in the Japanese interbank market which has a function similar to that of the federal funds market in the United States as its daily operating target just as the Fed has done. The Bank of Japans monetary policy performance during the 1978-1987 period was much better than the Fed s. Money growth in Japan slowed gradually beginning in the mid-1970s and was much less variable than in the United States. The outcome was a more rapid braking of inflation and a lower average inflation rate. In addition these excellent results on inflation were achieved with lower variability in real output in Japan than in the United States. In parallel with the United States financial innovation and deregulation in Japan began to reduce the usefulness of the M2 CDs monetary aggregate as an indicator of monetary policy. Because of concerns about the appreciation of the yen the Bank of Japan significantly increased the rate of money growth from 1987 to 1989. Many observers blame speculation

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