The zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan

Article Abstract:

The role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s is studied. An estimated model of Japan, the United States and the euro area with rational expectations and nominal rigidities is analyzed.

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Real exchange rate persistence and monetary policy rules

Article Abstract:

Analyses are made to find out the effects of alternative monetary rules on real exchange rate persistence. The role of interest rates smoothing policies and relative price stickiness in understanding the relationship between the real exchange rate and monetary shocks are also examined.

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Comment on: the zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan

Article Abstract:

The existing literature on monetary policy is extended in face of zero lower bound (ZLB) in several ways. Possible consequences of very low average inflation rates and constraints on monetary policy posed by the zero lower bound on nominal interest rates are discussed.

Government expenditures, Analysis, Economic policy

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