Taming Japan’s deflation
Past Event
Since the burst of its economic bubble, Japan has persistently dealt with bouts of deflation. The inability of Japan’s central bank, the Bank of Japan, to effectively address this challenge has long perplexed economists and policymakers. What had prevented the implementation of bolder economic policy to reflate the economy? Why did an activist monetary policy eventually emerge with Prime Minister Shinzo Abe’s return to office in 2013, the launch of Abenomics, and the appointment of new leadership at the Bank of Japan? In their new book “Taming Japan’s Deflation: The Debate over Unconventional Monetary Policy,” Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo address these questions, and analyze and explain the process behind the Bank of Japan’s policy- and decisionmaking in recent decades. They offer a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of other countries to Japan to illustrate that the adoption of aggressive monetary policy depends on bankers’ established preceding policy ideas and policy network structure.
On December 6, the Center for East Asia Policy Studies hosted Gene Park, Saori N. Katada, and Yoshiko Kojo for a discussion of their recently published book. Joseph Gagnon of the Peterson Institute for International Economics and Steven Vogel of the University of California, Berkeley offered commentary. Following the discussion, panelists responded to questions from the audience.
Agenda
Discussion
Mireya Solís
Director - Center for East Asia Policy Studies
Senior Fellow - Foreign Policy, Center for East Asia Policy Studies
Philip Knight Chair in Japan Studies
Saori N. Katada
Associate Professor of International Relations - University of Southern California
Yoshiko Kojo
Professor, Department of Advanced Social and International Relations - University of Tokyo
Gene Park
Associate Professor of Political Science - Loyola Marymount University
Steven K. Vogel
Il Han New Professor of Asian Studies and Professor of Political Science - University of California, Berkeley
More Information
To subscribe or manage your subscriptions to our top event topic lists, please visit our event topics page.
[Kim Jong Un's succession and establishing Ri Sol Ju as the mother of the next North Korean leader] In the past his father and grandfather had multiple wives and there was intense jockeying about who was the heir. He knows the regime focuses on bloodlines, and he has Kim Il Sung’s blood in his veins...[Kim Jong Un] is the third Kim. Is he going to be the one that gives up nuclear weapons and makes North Korea beholden to outside powers? I doubt it.