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15 results

  • 7 - The Great Disconnect

  • from Part III - Macroeconomic Policy
  • Edited by Takeo Hoshi, University of Tokyo, Phillip Y. Lipscy, University of Toronto
  • Book:
    The Political Economy of the Abe Government and Abenomics Reforms
    Published online:
    05 February 2021
    Print publication:
    25 February 2021, pp 170-199

  • Summary

    This chapter takes some well-known observations about the structure of the Japanese labor market and adds new evidence about how it has evolved to study inflation in Japan. Our key finding is that labor market dynamics shifted after 1998 so that correlations between labor market tightness and wages weakened noticeably. This change was accompanied by a break in the relationship between wages and prices, so wage inflation has become a much less important determinant of price inflation.

Monetary Policy Transmission in the Euro Area
  • A Study by the Eurosystem Monetary Transmission Network
  • Edited by Ignazio Angeloni, Anil K. Kashyap, Benoît Mojon
  • Published online:
    22 September 2009
    Print publication:
    04 December 2003
  • Proper conduct of monetary policy requires understanding the monetary transmission mechanism, to monitor the economy, make decisions on the stance of policy, and explain the policy actions to the public. Hence, gathering evidence on the monetary transmission mechanism in the euro area has been a priority for the Eurosystem. This 2003 book presents the results of a multi-year collaborative project conducted by the European Central Bank and the other Eurosystem central banks. First, macro data are consistently investigated with both VARs and structural models for the area as a whole and for individual countries. Second, the book contains an unprecedented set of studies on the effects of monetary policy using bank and firm panel data. The results described in country case studies and overview essays by central bank economists, along with a discussion chapter by eminent academics, provide an essential contribution to research on the subject.

  • Introduction

  • Edited by Ignazio Angeloni, European Central Bank, Frankfurt, Anil K. Kashyap, University of Chicago, Benoît Mojon, European Central Bank, Frankfurt
  • Book:
    Monetary Policy Transmission in the Euro Area
    Published online:
    22 September 2009
    Print publication:
    04 December 2003, pp 1-12

  • Summary

    In 1999 the European Central Bank (ECB), together with the National Central Banks (NCBs) of the countries that had just adopted the euro, launched a major research initiative to study the transmission of monetary policy. The objective was to put together, in a reasonably short time, a comprehensive body of information on how the monetary policy of the newly created central bank would affect the economy of the ‘euro area’. In December 2001 this research was presented to academics and central bankers in an international conference at the ECB. This book brings together, in revised and shortened form, all the contributions presented at that conference. It also includes a summary of the discussion and some further papers that, owing to time constraints, could not be presented then. For the reader, this book provides an overview of the project results and access to the most comprehensive set of analyses on the working of the single European monetary policy yet published.

    Knowledge of the transmission mechanism is needed to determine how the monetary policy instruments should be set to achieve the desired goals. Interest rate decisions by central banks always rely on some explicit or implicit understanding of the transmission mechanism. Moreover, ideally this understanding suggests also how to efficiently achieve the monetary policy goal, i.e. limiting undesired side effects on other economic variables besides the ones the central bank is directly responsible for. Finally, understanding the transmission mechanism is critical for the external communication of policy.