US rescue is only a start for Japan

Article Abstract:

The immediate impact of the decision by the US to undertake direct purchases of yen in the foreign exchanges has been very positive. It is likely that this approach will be backed by other G7 members, and this will mean that the yen will probably be strengthened for a while. However, intervention will only be effective it is followed by decisive policy changes in Japan. The US may persuade Japan to undertake extensive restructuring of the financial sector, but this will probably come too late to prevent the Japanese economy plunging into deep recession.

Economic aspects, Japan, Prices and rates, Yen (Japan)

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Aims that help inflation policy land on target

Article Abstract:

Financial experts have almost completely rejected the use of monetary targets, but there is still a vague felling that a type of fixed rule could play a useful role in helping to make monetary decisions. This is why a rule suggested by John Taylor of Stanford University has attracted interest. Under his system, interest rates are connected in a mechanistic way with the inflation rate and the amount of spare capacity in the economy. This approach is currently being considered by the UK Treasury and the Bank of England.

Planning, Monetary policy

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The policy of openness opens up new problems

Article Abstract:

There have been a number of indications recently of efforts by the UK government to introduce greater transparency to its financial deliberations and policies. The most significant of these is the decision by the chancellor to publish the minutes of the monthly monetary meeting which he has with the governor of the Bank of England. This approach seems to be attractive, but there is still the real possibility of the most important decisions being taken in unrecorded private meetings.

United Kingdom, Government information

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