{"product_id":"taming-japans-deflation-1","title":"Taming Japan's Deflation","description":"\u003cp\u003e\u003cb\u003eBolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in \u003c\/b\u003e\u003cb\u003e\u003ci\u003eTaming Japan's Deflation\u003c\/i\u003e\u003c\/b\u003e\u003cb\u003e.\u003c\/b\u003e Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped.\u003c\/p\u003e\n\u003cp\u003eWith Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics—an economic agenda to reflate the economy—and Abe's appointment of new leadership at the BOJ. As \u003ci\u003eTaming Japan's Deflation\u003c\/i\u003e shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network.\u003c\/p\u003e\n\u003cp\u003eThe explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis of\u003cbr\u003e\nthe politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but \u003ci\u003eTaming Japan's Deflation\u003c\/i\u003e shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network.\u003c\/p\u003e\n","brand":"Gene Park","offers":[{"title":"Default Title","offer_id":43572923072694,"sku":"9781501728198","price":27.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0251\/4980\/0541\/files\/9781501728198.jpg?v=1712125907","url":"https:\/\/combined-academic.myshopify.com\/products\/taming-japans-deflation-1","provider":"Combined Academic Publishers - Mare Nostrum Group","version":"1.0","type":"link"}