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Abstract or Description

Monetary policy by central banks other than the Federal Reserve is of proper concern to the SOMC for two reasons: (i) monetary conditions in the rest of the world have significant effects on U.S. macroeconomic performance and vice-versa, and (ii) policy procedures, institutions, and developments elsewhere may have important lessons for the United States. In recent years, Japanese monetary policy has been the topic of a great deal of discussion, commentary, and debate. Accordingly, this paper considers issues relating to recent and prospective policy measures of the Bank of Japan (BOJ).


Presented at Shadow Open Market Committee meeting, April 2001