Policy Uncertainty in Japan

Policy Uncertainty in Japan

Author: Ms.Elif C Arbatli

Publisher: International Monetary Fund

Published: 2017-05-30

Total Pages: 48

ISBN-13: 148430067X

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We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian Financial Crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan’s recent decision to defer a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade and exchange rate policy co-vary positively but also display distinct dynamics. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan’s macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.


Book Synopsis Policy Uncertainty in Japan by : Ms.Elif C Arbatli

Download or read book Policy Uncertainty in Japan written by Ms.Elif C Arbatli and published by International Monetary Fund. This book was released on 2017-05-30 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian Financial Crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan’s recent decision to defer a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade and exchange rate policy co-vary positively but also display distinct dynamics. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan’s macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.

Policy Uncertainty in Japan

Policy Uncertainty in Japan

Author: Elif C. Arbatli

Publisher:

Published: 2019

Total Pages: 45

ISBN-13:

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We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards, building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters, and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian financial crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan's deferral of a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade, and exchange rate policy co-vary positively but also display distinct dynamics. For example, our trade policy uncertainty (TPU) index rocketed upwards when the U.S. withdrew from the Trans-Pacific Partnership in January 2017. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan's macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.


Book Synopsis Policy Uncertainty in Japan by : Elif C. Arbatli

Download or read book Policy Uncertainty in Japan written by Elif C. Arbatli and published by . This book was released on 2019 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards, building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters, and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian financial crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan's deferral of a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade, and exchange rate policy co-vary positively but also display distinct dynamics. For example, our trade policy uncertainty (TPU) index rocketed upwards when the U.S. withdrew from the Trans-Pacific Partnership in January 2017. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan's macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.

Japan

Japan

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2018-11-27

Total Pages: 79

ISBN-13: 1484386809

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This Selected Issues explores Japan’s experiences with past valued added tax (VAT) rate increases and discusses potential policy options to mitigate the economic impact of a third-rate increase. It assesses the impact on the Japanese economy and, where possible, provides some international context. Alongside possible mitigating policies, it also discusses the importance of policy commitment and credibility, and how they can influence the macroeconomic impact of tax rate changes. Carefully designing policy measures and communicating them clearly to the public are paramount to attenuate any negative outcomes in the short term. A simple, single-rate VAT would efficiently raise tax revenues and support the government’s objective of achieving fiscal consolidation in the medium term. Assuming underlying macroeconomic conditions are favorable, the October 2019 VAT rate increase could potentially have a smaller impact on the economy relative to that of 2014 for several reasons. In order to reduce policy uncertainty and alleviate any adverse impacts from the 2019 VAT rate increase, the authorities should clearly communicate the timing and content of associated mitigating measures.


Book Synopsis Japan by : International Monetary Fund. Asia and Pacific Dept

Download or read book Japan written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2018-11-27 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues explores Japan’s experiences with past valued added tax (VAT) rate increases and discusses potential policy options to mitigate the economic impact of a third-rate increase. It assesses the impact on the Japanese economy and, where possible, provides some international context. Alongside possible mitigating policies, it also discusses the importance of policy commitment and credibility, and how they can influence the macroeconomic impact of tax rate changes. Carefully designing policy measures and communicating them clearly to the public are paramount to attenuate any negative outcomes in the short term. A simple, single-rate VAT would efficiently raise tax revenues and support the government’s objective of achieving fiscal consolidation in the medium term. Assuming underlying macroeconomic conditions are favorable, the October 2019 VAT rate increase could potentially have a smaller impact on the economy relative to that of 2014 for several reasons. In order to reduce policy uncertainty and alleviate any adverse impacts from the 2019 VAT rate increase, the authorities should clearly communicate the timing and content of associated mitigating measures.

Alternative Economic Indicators

Alternative Economic Indicators

Author: C. James Hueng

Publisher: W.E. Upjohn Institute

Published: 2020-09-08

Total Pages: 133

ISBN-13: 0880996765

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Policymakers and business practitioners are eager to gain access to reliable information on the state of the economy for timely decision making. More so now than ever. Traditional economic indicators have been criticized for delayed reporting, out-of-date methodology, and neglecting some aspects of the economy. Recent advances in economic theory, econometrics, and information technology have fueled research in building broader, more accurate, and higher-frequency economic indicators. This volume contains contributions from a group of prominent economists who address alternative economic indicators, including indicators in the financial market, indicators for business cycles, and indicators of economic uncertainty.


Book Synopsis Alternative Economic Indicators by : C. James Hueng

Download or read book Alternative Economic Indicators written by C. James Hueng and published by W.E. Upjohn Institute. This book was released on 2020-09-08 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policymakers and business practitioners are eager to gain access to reliable information on the state of the economy for timely decision making. More so now than ever. Traditional economic indicators have been criticized for delayed reporting, out-of-date methodology, and neglecting some aspects of the economy. Recent advances in economic theory, econometrics, and information technology have fueled research in building broader, more accurate, and higher-frequency economic indicators. This volume contains contributions from a group of prominent economists who address alternative economic indicators, including indicators in the financial market, indicators for business cycles, and indicators of economic uncertainty.

Risk State

Risk State

Author: Sebastian Maslow

Publisher: Routledge

Published: 2016-03-03

Total Pages: 202

ISBN-13: 1317062779

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The increase of new complex security challenges and the heightening significance of a diverse array of actors has simultaneously posed a challenge to traditional perspectives on international relations and foreign policy and created an opportunity for new concepts to be applied. Conventional explanations of Japan’s foreign policy have provided us with theoretically predetermined understandings and fallacious predictions. Reformulating risk in its application to the study of international relations and foreign policy, this volume promises new insights into the analysis of contemporary foreign policy in East Asia and Japan’s post-Cold War international relations in particular.


Book Synopsis Risk State by : Sebastian Maslow

Download or read book Risk State written by Sebastian Maslow and published by Routledge. This book was released on 2016-03-03 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increase of new complex security challenges and the heightening significance of a diverse array of actors has simultaneously posed a challenge to traditional perspectives on international relations and foreign policy and created an opportunity for new concepts to be applied. Conventional explanations of Japan’s foreign policy have provided us with theoretically predetermined understandings and fallacious predictions. Reformulating risk in its application to the study of international relations and foreign policy, this volume promises new insights into the analysis of contemporary foreign policy in East Asia and Japan’s post-Cold War international relations in particular.

Capturing Contemporary Japan

Capturing Contemporary Japan

Author: Satsuki Kawano

Publisher: University of Hawaii Press

Published: 2014-01-31

Total Pages: 370

ISBN-13: 0824838696

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What are people’s life experiences in present-day Japan? This timely volume addresses fundamental questions vital to understanding Japan in the first decade of the twenty-first century. Its chapters collectively reveal a questioning of middle-class ideals once considered the essence of Japaneseness. In the postwar model household a man was expected to obtain a job at a major firm that offered life-long employment; his counterpart, the “professional” housewife, managed the domestic sphere and the children, who were educated in a system that provided a path to mainstream success. In the past twenty years, however, Japanese society has seen a sharp increase in precarious forms of employment, higher divorce rates, and a widening gap between haves and have-nots. Contributors draw on rich, nuanced fieldwork data collected during the 2000s to examine work, schooling, family and marital relations, child rearing, entertainment, lifestyle choices, community support, consumption and waste, material culture, well-being, aging, death and memorial rites, and sexuality. The voices in these pages vary widely: They include schoolchildren, teenagers, career women, unmarried women, young mothers, people with disabilities, small business owners, organic farmers, retirees, and the elderly.


Book Synopsis Capturing Contemporary Japan by : Satsuki Kawano

Download or read book Capturing Contemporary Japan written by Satsuki Kawano and published by University of Hawaii Press. This book was released on 2014-01-31 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are people’s life experiences in present-day Japan? This timely volume addresses fundamental questions vital to understanding Japan in the first decade of the twenty-first century. Its chapters collectively reveal a questioning of middle-class ideals once considered the essence of Japaneseness. In the postwar model household a man was expected to obtain a job at a major firm that offered life-long employment; his counterpart, the “professional” housewife, managed the domestic sphere and the children, who were educated in a system that provided a path to mainstream success. In the past twenty years, however, Japanese society has seen a sharp increase in precarious forms of employment, higher divorce rates, and a widening gap between haves and have-nots. Contributors draw on rich, nuanced fieldwork data collected during the 2000s to examine work, schooling, family and marital relations, child rearing, entertainment, lifestyle choices, community support, consumption and waste, material culture, well-being, aging, death and memorial rites, and sexuality. The voices in these pages vary widely: They include schoolchildren, teenagers, career women, unmarried women, young mothers, people with disabilities, small business owners, organic farmers, retirees, and the elderly.

Japan

Japan

Author: Frank Baldwin

Publisher: NYU Press

Published: 2015-12-15

Total Pages: 360

ISBN-13: 1479889385

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"A joint publication of the Social Science Research Council and New York University Press."


Book Synopsis Japan by : Frank Baldwin

Download or read book Japan written by Frank Baldwin and published by NYU Press. This book was released on 2015-12-15 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A joint publication of the Social Science Research Council and New York University Press."

Monetary Policies in the Age of Uncertainty

Monetary Policies in the Age of Uncertainty

Author: Yoichi Matsubayashi

Publisher:

Published: 2021

Total Pages: 0

ISBN-13: 9789811641473

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This book provides an interesting review of Japanese monetary policies after the bubble economy. The Bank of Japan was the first central bank in advanced economies to implement the unconventional monetary policies during the period. After the Lehman shock, most advanced economies also carried out similar monetary policies to boost their own economies. The Japanese experience in the 1990s and 2000s no doubt played a key role during the period. Although various aspects of the experiences have been examined, not many books have been published based on intensive discussions between the macro and monetary theorists who have been active in academics and the practitioners who have actually been involved in monetary policy. This small but important book has focused on the Japanese experience. Evaluation of that experience found that three solid pillars are of crucial importance: theory, institution, and experience. Those form the basis of the book, without theory, no policies will be formulated and implemented, and implementation depends crucially on institution. Chapter 1 provides a clear theoretical background for the unconventional monetary policies and inflation targeting. Chapter 2 intensively explores the meaning and desirability of the independence of central banks. Chapter 3 reviews the consequences of the Japanese monetary policies in recent decades in comparison with those in other advanced economies.


Book Synopsis Monetary Policies in the Age of Uncertainty by : Yoichi Matsubayashi

Download or read book Monetary Policies in the Age of Uncertainty written by Yoichi Matsubayashi and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an interesting review of Japanese monetary policies after the bubble economy. The Bank of Japan was the first central bank in advanced economies to implement the unconventional monetary policies during the period. After the Lehman shock, most advanced economies also carried out similar monetary policies to boost their own economies. The Japanese experience in the 1990s and 2000s no doubt played a key role during the period. Although various aspects of the experiences have been examined, not many books have been published based on intensive discussions between the macro and monetary theorists who have been active in academics and the practitioners who have actually been involved in monetary policy. This small but important book has focused on the Japanese experience. Evaluation of that experience found that three solid pillars are of crucial importance: theory, institution, and experience. Those form the basis of the book, without theory, no policies will be formulated and implemented, and implementation depends crucially on institution. Chapter 1 provides a clear theoretical background for the unconventional monetary policies and inflation targeting. Chapter 2 intensively explores the meaning and desirability of the independence of central banks. Chapter 3 reviews the consequences of the Japanese monetary policies in recent decades in comparison with those in other advanced economies.

Risk State

Risk State

Author: Sebastian Maslow

Publisher:

Published: 2015

Total Pages: 182

ISBN-13: 9781315606521

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Book Synopsis Risk State by : Sebastian Maslow

Download or read book Risk State written by Sebastian Maslow and published by . This book was released on 2015 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Japan's Growing Technological Capability

Japan's Growing Technological Capability

Author: National Research Council

Publisher: National Academies Press

Published: 1992-02-01

Total Pages: 244

ISBN-13: 0309047803

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The perspectives of technologists, economists, and policymakers are brought together in this volume. It includes chapters dealing with approaches to assessment of technology leadership in the United States and Japan, an evaluation of future impacts of eroding U.S. technological preeminence, an analysis of the changing nature of technology-based global competition, and a discussion of policy options for the United States.


Book Synopsis Japan's Growing Technological Capability by : National Research Council

Download or read book Japan's Growing Technological Capability written by National Research Council and published by National Academies Press. This book was released on 1992-02-01 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The perspectives of technologists, economists, and policymakers are brought together in this volume. It includes chapters dealing with approaches to assessment of technology leadership in the United States and Japan, an evaluation of future impacts of eroding U.S. technological preeminence, an analysis of the changing nature of technology-based global competition, and a discussion of policy options for the United States.