The New Policy Framework of the Bank of Japan Central Banking in an Uncertain World.

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1、TheNewPolicyFrameworkoftheBankofJapanTheNewPolicyFrameworkoftheBankofJapan:CentralBankinginanUncertainWorldKiyohikoG.NishimuraAbstractBankofJapanWhentheBankofJapanendeditsQuantitativeEasingPolicyon2-1-1Nihonbashi-Hongokucho9March2006,italsoissuedadocumententitled“TheIntroduc-Chuo

2、-Ku,Tokyo103-8660JapantionofaNewFrameworkfortheConductofMonetaryPolicy”Kiyohiko.Nishimura@boj.or.jptoexplainitspolicystance.“Fundamentaluncertainty”(theexis-tenceof“unknownunknowns”)isthemostimportantconsider-ationinthisNewPolicyFramework.TheFrameworkhastwoba-sicprinciples:aTwo-P

3、erspectiveStrategyandthecollectivewisdomof“agreeingtodisagree.”1.IntroductionTheBankofJapan(BOJ)startedimplementinganunor-thodoxQuantitativeEasingPolicyon19March2001,inre-sponsetothecontinueddeteriorationineconomicactivity.Thisunorthodoxpolicyconsistedoftwoparts:(1)tomakebanks’cu

4、rrentaccountbalancesatthecentralbankapol-icytargetandinducethebankstoholdfarlargercurrentaccountbalancesthanrequired1and(2)tomakeacommit-menttokeepthispolicyuntiltheCPIcoreinºationratebecamestablyzeroorpositive.Theoutcomewasaninter-estratethatwaspersistentlyatzero.On9March2006,th

5、eBankofJapanreturnedtoapolicyregimeoftargetingtheuncollateralizedovernightcallrate,andissuedadocu-ment,entitled“TheIntroductionofaNewFrameworkfortheConductofMonetaryPolicy”(hereaftersometimesab-breviatedasFramework),toexplainitspolicystance.21Therequiredbalancesatthattimewerearou

6、nd6trillionyen,andthetargetwastherangebetween30and35trillionyeninFebruary2006,justbeforethepolicychange.2ThetextoftheNewPolicyFrameworkisgivenintheAppen-AsianEconomicPapers6:3©2007TheEarthInstituteatColumbiaUniversityandtheMassachusettsInstituteofTechnologyTheNewPolicyFrameworkof

7、theBankofJapanThepolicychangein2006anditsaccompanyingNewPolicyFrameworkstirredmuchdiscussion,promptingbothpraiseandcriticism.Inthistalk3IwouldliketoexplaintheNewPolicyFrameworkinascoherentawayasIcanandtoanswersomeofthecommonquestions(andrelatedcriticisms)directedatit.However,itsh

8、ouldbenotedthattheviewsexpressedherearem