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An Exception that Proves the Rule: Japanese Monetary Policy under the Classical Gold Standard, 1897–1914
https://agi.repo.nii.ac.jp/records/2000096
https://agi.repo.nii.ac.jp/records/2000096537226cb-57ea-430c-9f4d-7cbd0e39b243
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
WP2024-11.pdf (278 KB)
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| Item type | ワーキングペーパー/Working Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2024-04-26 | |||||
| タイトル | ||||||
| タイトル | An Exception that Proves the Rule: Japanese Monetary Policy under the Classical Gold Standard, 1897–1914 | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | classical gold standard | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | rules of the game | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Japanese monetary policy | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Japan under the classical gold standard | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Bank of Japan discount rate policy | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_8042 | |||||
| 資源タイプ | working paper | |||||
| 著者 |
髙木, 信二
× 髙木, 信二 |
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| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | The paper explores Japanese monetary policy under the classical gold standard (1897–1914), while providing a succinct exposition of the distinguishing features of the Japanese gold standard regime. The paper, explaining how the Bank of Japan conducted monetary policy, finds that, as a general practice, (i) it used fiduciary issues to offset movements in monetary gold so as to stabilize the supply of currency; (ii) it moved the discount rate in the same direction as the government moved the extra issue tax rate; and (iii) it raised the discount rate in response to an increase in gold outflows. The rules-of-the-game-like behavior of discount rate policy, motivated by the central bank’s mandate to preserve gold convertibility, was robust and consistent, challenging the semi-consensual view that violations of the rules were frequent and pervasive under the classical gold standard. | |||||
| 言語 | en | |||||
| 書誌情報 |
巻 2024-11, p. 1-28, 発行日 2024-11 |
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| 著者版フラグ | ||||||
| 出版タイプ | NA | |||||
| 出版タイプResource | http://purl.org/coar/version/c_be7fb7dd8ff6fe43 | |||||
| JEL分類コード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | JEL classification: F33, F55, E42, E58 | |||||
