Monetary Policies in the Age of Uncertainty (SpringerBriefs in Economics)

Preface
Acknowledgments
Contents
About the Authors
1 Effects of Unconventional Monetary Policy and Inflation Target
	1.1 Introduction
	1.2 Quantitative and Qualitative Monetary Easing (QQE)
	1.3 Inflation Target
	1.4 Conclusion
	References
2 Central Bank Independence in a Changing Environment
	2.1 Introduction
	2.2 Central Bank Independence in the 1990s
	2.3 Changing Environment
		2.3.1 Deflation
		2.3.2 Relationship with Fiscal Policy
		2.3.3 Fiscal Dominance
		2.3.4 Reassigning Responsibility for Financial Stability
		2.3.5 Politicized Economy
	2.4 Proposal of Constitutional Model
		2.4.1 Constitutional Model
		2.4.2 Central Bank Independence and Democracy
		2.4.3 Active, Not Passive, Independence
		2.4.4 Constitutional Reform as History
		2.4.5 Practices of Central Banking in a Constitutional Model
	2.5 The Central Bank Independence: Japanese Case
		2.5.1 Unfortunate Start
		2.5.2 Deflation
		2.5.3 Abenomics
		2.5.4 Proposal for Restoration of Independence Under Abenomics
	2.6 Conclusion: Future of the Central Bank
	Appendix A: Culture, Democracy and Central Banking
		Introduction
		What is a Central Bank?
		The Market Economy and Democracy
		Central Bank Culture
		Constitutions and Central Banks
		Constitutions and Central Banks
		Conclusion
	Appendix B: The Historical Development of the Bank of Japan Law: A Political Economics Analysis
		Introduction
		Period of the Former Bank of Japan Laws
		Period of the Former Bank of Japan Act
		The Current Bank of Japan Law
		Problems with the Current Bank of Japan Law
	References
3 Japanese Experiences and an International Comparison
	3.1 Introduction
	3.2 Quantitative and Qualitative Monetary Easing (QQE)
		3.2.1 Quantitative Versus Qualitative
		3.2.2 Central Bank Balance Sheet Size or Quantitative Easing
		3.2.3 Composition of Central Bank Balance Sheets (Qualitative Easing)
	3.3 Negative Nominal Interest Rates
		3.3.1 Forward-Looking Monetary Policy
		3.3.2 Nominal and Real Interest Rates
		3.3.3 Japanese Problem (1): Low Labor Productivity
		3.3.4 Japanese Problem (2): An Increasing Number of Non-regular Workers
	3.4 Yield Curve Control
		3.4.1 The Yield Curve
		3.4.2 Yield Curve Control (YCC)
		3.4.3 An International Comparison of Yield Curve Control
	3.5 Concluding Remarks
	References
Afterword