Relationship between monetary policy and inflation expectations: Comparison among Japan, the United States, and the United Kingdom

Yoshiyuki Nakazono*, Takayuki Shiohama, Kenichiro Tamaki

*この研究の対応する著者

研究成果: Chapter

抄録

This chapter examines monetary policy, the formation of inflation expectations, and the relationship between monetary policy and inflation expectations. Inflation expectations are important in determining monetary policy. Although Bernanke (2007) asserts that inflation expectations greatly influence actual inflation and thus the central bank's ability to achieve price stability, there have been only a few attempts to study the effect of monetary policy on inflation expectations: for example, Berk (2002) and Ueda (2010) analyze qualitative survey data of households in Europe and Japan. We study the effect of monetary policy on inflation expectations with quantitative data provided by professional forecasters for Japan, the United States, and the United Kingdom. Our analysis focuses mainly on the Bank of Japan which has faced daunting challenges during the last two decades, as well as the U.S. Federal Reserve Board and the Bank of England, both of which implemented a series of unprecedented monetary policies. First, we identify the characteristics of inflation expectations and clarify the relationship between economic variables and inflation expectations. Next we examine the relationship between monetary policy and inflation expectations. We also analyze asset purchase programs such as quantitative easing and credit easing using the methodology introduced by Joyce et al. (2010). Finally, we examine how unprecedented monetary policies following the recent financial turmoil affect financial markets.

本文言語English
ホスト出版物のタイトルMonetary Policy
ホスト出版物のサブタイトルRoles, Forecasting and Effects
出版社Nova Science Publishers, Inc.
ページ51-84
ページ数34
ISBN(印刷版)9781619421813
出版ステータスPublished - 2013

ASJC Scopus subject areas

  • 経済学、計量経済学および金融学一般
  • 社会科学一般

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