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首页> 外文期刊>International Journal of Economic Policy Studies >BOJ's non-traditional monetary policies and their effects on the Japanese economy: comments and views on Harada
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BOJ's non-traditional monetary policies and their effects on the Japanese economy: comments and views on Harada

机译：央行非传统货币政策及其对日本经济的影响:评论和意见原田

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摘要

Since January 2013, the Abe administration had advocated Abenomics, which proposed three arrows: bold monetary easing, flexible fiscal policy, and growth strategy stimulating investment. In response, from April 2013, the Bank of Japan announced bold monetary easing, including maintaining zero interest rates, large-scale purchases of government bonds, positive and negative interest rates on excess reserves, yield curve control, and other measures. As a result, compared with the average real growth rate of 1.6 during the Izanami–Koizumi boom and that of 1.63 during the Democratic government, it had risen to 2.1 only in 2013, the first year of the Abe administration, and it seemed that the economy had been revitalized. However, right after the consumption tax hike in April 2014, the Japanese economy fell down to negative growth of real GDP in the three consecutive quarters, causing the consumption tax hike recession. The average real growth rate from then to the second quarter of 2019 had fallen to 1.1, which was lower than those during the Izanami–Koizumi boom and the Democratic government. In terms of the Consumer Price Index, deflation continued at an average rate of -0.5 during the Izanami–Koizumi boom and the Democratic era, but the Abeadministration recovered it to an average rate of 0.8, and it can be said that deflation has almost ended. But it is far from achieving the 2 inflation target. Harada (Int J Econ Policy Stud (Forthcoming), 2020) briefly explained the various measures of the BOJ's unconventional monetary policies. It analyzes what effects they have on the Japanese economy and insists that they had positive effects on employment, productivity, and capital investment in particular, but zero and negative interest rates are partly a consequence of past deflationary monetary policy and are a global trend. Then, it proposes to maintain the present policies. However, Harada does not explain clear reasons why the BOJ could not achieve the 2 inflation target. This article gives comments and views on important key issues of non-traditional monetary policies raised by Harada (2020), tries to clarify the reasons why the BOJ could not achieve the 2 inflation target and proposes desirable new policy measures to achieve the inflation target, to raise real growth rate and to restore monetary normalization.
机译：2013年1月以来,安倍政府提倡Abenomics,提出三个箭头:大胆的货币宽松政策,灵活的财政政策,增长策略刺激投资。反应,从2013年4月,日本央行(Bank of Japan)大胆的宣布放宽货币政策,包括维持零利率,大规模的购买政府债券,积极的和负的超额准备金利率,收益率曲线控制和其他的措施。相比之下,平均实际增长率1.6% Izanami-Koizumi繁荣的在民主政府,1.63%仅在2013年上升到2.1%,第一年的安倍政府,似乎经济已经复苏。上调消费税后,2014年4月,日本经济的负增长连续三个季度实际国内生产总值,导致上调消费税的经济衰退。平均实际增长率从那时到第二个2019已降至1.1%,这是低于Izanami-Koizumi繁荣时期和民主政府。消费价格指数,通货紧缩持续在一个在Izanami-Koizumi平均-0.5%的速度繁荣和民主时代,但是Abeadministration恢复平均率的0.8%,可以说,通货紧缩几乎结束了。通胀目标。(即将到来的),2020)简要地解释了日本央行的非常规的各种措施货币政策。对日本经济和坚持吗他们对就业会有积极的影响,生产率和资本投资但零和负利率部分过去的通货紧缩的后果吗货币政策,是一个全球趋势。提出了保持目前的政策。然而,原田没有解释清楚原因为什么日本央行不可能达到2%的通胀目标。非传统货币政策的重要关键问题原田提出的政策(2020),尝试澄清的原因,日本央行不可能实现2%的通胀目标,提出可取的新政策措施实现通货膨胀目标,提高实际增长率和恢复货币正常化。

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