When it comes to monetary policy operations at the zero lower bound, the first thing the struct to my mind is Japan. In my opinion, Japan is the perfect poster child of extreme monetarism, and this was evident when we look back at what the Bank of Japan (BoJ) has done for the past four decades.
In the modern economy, Japan was the first economy that introduced an aggressive monetary expansion in responding to the crisis that they were facing 30 years ago.
While most literature emphasized extensively on the how big central banks including the Federal Reserve, the Bank of England, the European Central Bank, and the BoJ responded to the Global Financial Crisis back in 2008, I genuinely believed that we need to look back at how all of these policies were implemented during the Lost Decade in Japan.
Once this is completed, hopefully, we can find out why results were different if we compare between these two periods.
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