Yoshiko Kojo's research while affiliated with The University of Tokyo and other places
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Publications (10)
This chapter discusses deflation, monetary policy responses against deflation, and the Bank of Japan's (BOJ) reluctance to try bolder measures to reflate the economy. Deflation, when the price of goods and services declines, is attributable to a number of causes. It can result from supply-side improvements such as enhanced productivity and thus can...
This introductory chapter provides a background of the monetary politics in Japan. Japan's economy dipped into deflation in the mid-1990s and again more seriously in the late 1990s; this period was followed by a prolonged period of deflation from the end of the 1990s through the mid-2000s. With the start of the global financial crisis (GFC) in 2008...
This chapter looks at the evolution of specific ideas about monetary policy within the Bank of Japan (BOJ) organization, including the formative experiences that shaped the worldview of the BOJ. The BOJ's post-World War II monetary policy experiences have been especially influential in shaping the BOJ's perspective, particularly those since the 197...
This chapter focuses on the formal monetary policy process specified by the Bank of Japan Law (New BOJ Law), identifying the central actors in the monetary policy network. The New BOJ Law, which came into effect in April 1998, has placed the Policy Board at the center of the BOJ's monetary policymaking. Formally, the Policy Board is not only indepe...
This chapter addresses how Prime Minister Abe Shinzō circumvented the monetary policy network by changing the membership of the Policy Board and how he reoriented monetary policy to reflect his reflationary priorities. Upon coming to power, Prime Minister Abe launched his Abenomics agenda based on a strategy of “three arrows”: expansionary monetary...
This chapter examines existing work on monetary policy and makes the case for the necessity of an ideational approach to monetary policy. There have been two broad approaches to studying the politics of monetary policy: rationalist explanations focus on the role of material interests, while social constructivist and sociological approaches emphasiz...
This chapter looks at three case studies of the Bank of Japan's (BOJ) monetary policy to illustrate how these policy ideas influenced BOJ decision making: the decision to implement and then lift the zero interest rate policy (ZIRP) (1998–2000); the first quantitative easing (QE) policy (2001–6); and the policies implemented in response to the globa...
This concluding chapter explores the implications of this book's study in three areas: the role of ideas in monetary policy; the role of policy networks in determining ideational coherence and salience; and the process of ideational change. Given that policy ideas do matter, and indeed are central to the politics of monetary policy, scholars need t...
This chapter assesses central bankers' attitudes toward inflation and deflation. Specifically, it presents a statistical test to demonstrate whether, and to what extent, the ideas held by the central bankers at the Bank of Japan (BOJ) influenced Japan's monetary policy. The results show a systematic effect of central bankers' ideas on how they dete...
Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, claims this book. Despite warnings from economists, intense political pressure, and unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that this book claims would hav...
