日本銀行의 반인플레이션 금융정책에 관한 연구 - 1970년대 석유위기와 일본은행의 독립성문제에 관하여 - = The Bank of Japan's Monetary Policy during the 1970s Oil Price Shocks

다국어 초록 (Multilingual Abstract)

The Bank of Japan has often been viewed as an outlier in combining low inflation with little formal central bank independence. This view has been based mainly on simple correlations between average inflation and measures of central bank independence. When additional factors that might account for cross-country variation in inflation rates are incorporated into the empirical analysis, Japan no longer appears to be a significant outlier. Since reputational considerations may have played a role in supporting a low-inflation environment in Japan.
The cross-country differences in inflation responses to the oil shocks of the 1970s varied systematically with the degree of central bank independence.
During the 2nd oil shocks, the Bank of Japan carried out proper monetary policy immediately.
When monetary policy is delegated to an independent central bank, the conduct of policy can also be affected by the formal design of the central banking structure.

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