Speculative Bubbles and Monetary Policy

A Theory Based on Japanese Experience

Inbunden, Engelska, 2018

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Speculative Bubbles and Monetary Policy works at the intersection of economic theory history. While the consistent and penetrating perspective of theory is necessary for interpreting economic history, existing macroeconomic theories are fragile an ineffective at narrating an economic history that covers a relatively long period. Such fragility comes from arbitrariness in deployed economic theory as well as structural changes within an economy. This book presents a Keynesian theory with a rigorous dynamic microeconomic foundation that entirely differs from new Keynesian theory and applies it to the Japanese economic history from the 1980s to 2010s. It considers two primary incidents in the country’s economic history: the bubble boom from the late 1980s to the early 1990s, and the country’s immersion in neoliberalism at the turn of the century.

Produktinformation

Utgivningsdatum2018-12-17
Mått154 x 236 x 16 mm
Vikt358 g
FormatInbunden
SpråkEngelska
Antal sidor140
FörlagBloomsbury Publishing Plc
ISBN9781498549141

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List of FiguresAcknowledgementsIntroductionPart 1. Historical NarrativeChapter 1. A Concise Economic History of Japan: Prosperity and CrisisPart 2. TheoryChapter 2. A Conundrum in Monetary Economics: Does Keynes Abandon the Second Postulate of the Classical School?Chapter 3. Origin of Speculative Bubbles and their AftermathChapter 4. Labor Productivity Stagnation, the Radical Quantitative Easing Monetary Policy, and DisinflationChapter 5. An Equilibrium Selection Procedure Based on Ramsey’s Probability TheoryAppendixesIndexAbout the Author

Ohtaki, one of the most distinguished macro-economists in contemporary Japan, provides a penetrating analysis in the macro-economic history of Japan during the 1980s and 2010s. Combining monetary theory related to speculative bubbles, quantitative easing monetary policy and disinflation process with supply-side analysis of labor productivity stagnation, the book presents a concise overview, and mutually cohesive and consistent theoretical models for the history. The plight of the Japanese economy after the Asian crisis is analyzed with the background of a careful search for the seeds of disaster sowed during the prosperous and babbly 1980s. Most fascinating is the analysis of the effects of structural reform policy of Koizumi regime on the micro-structure of employment system. Ohtaki condemns the policy relying on neoliberal thought in that it decomposed the Japanese firm from an organic entity into a simple assembly of production resources, destroying efficiency of Japanese firms based on information processing skills. Market failures in the late 1980s was replaced by policy failures in the early 2000s. There is no doubt that this book is a most valuable contribution to the analysis of the macroeconomic history of Japan that appeared during the past twenty years and is recommended to both Japanese and overseas readers.