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Spring 2018

ISSN 0890-913X

Volume 33, Number 1

Categories: Spring 2018 | Federal Reserve System

The Federal Reserve in the Shadow of the Bank of Japan

Thomas F. Cargill, University of Nevada, Reno

Gerald P. O’Driscoll Jr., Cato Institute

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TheJournalofPrivateEnterprise33(1),2018,47–62TheFederalReserveintheShadowoftheBankofJapanThomasF.Cargill�UniversityofNevada,RenoGeraldP.O’Driscoll,Jr.CatoInstitute______________________________________________________AbstractSincethe2000s,theFederalReservehasbeenfollowingintheshadowoftheBankofJapanbymimickingitspolicies.ButtheFedhasbeennomoresuccessfulwiththosepolicies.WebrieflypresenttherecenthistoryofmonetarypolicyintheUnitedStatesandJapanandanalyzetheconsequences.Inbothcountries,itisimpossibletoconsidermonetarypolicyinisolation,soweexaminethefiscalandregulatorysituations.Wealsoaddresscentralbankindependenceinbothcountriesandexplainwhyitssignificanceisoverrated.______________________________________________________JELCodes:E52,E63,G18,N20Keywords:FederalReserve,BankofJapan,Abe’sthreearrows,centralbankindependenceI.IntroductionSincethe2000s,FederalReserveofficialshavebeenfollowingintheshadowoftheBankofJapan,mimickingitspoliciestonoavail.Forreasonsweexamineinthepaper,FederalReserveofficialshavelargelyignoredtheJapaneseexperience.YettheresultsofFederalReservepolicyhavebeendisappointing.Theburstingofthedot-combubblewasfollowedbyaperiodofthen-extraordinarilylowinterestrates.Thoseratesinflatedahousingbubble,whichalsoburst,resultingintheGreatRecession.TheFederalReservethenengaged�ThispaperwaspreparedfortheannualmeetingsoftheAssociationofPrivateEnterpriseEducationinMaui,Hawaii,April2017.TheauthorsappreciateTakeoHoshi,HughPatrick,andPaulSheardfortheircommentsonanearlierversionofthepaper.Theusualcaveatsapply.AnearlierversionappearedintheCenteronJapaneseEconomyandBusinessWorkingPapersSeries,PartNumber362,GraduateSchoolofBusiness,ColumbiaUniversity.

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Metadata [hide]

Title	The Federal Reserve in the Shadow of the Bank of Japan
Authors/Creators:	Thomas F. Cargill, University of Nevada, Reno Gerald P. O’Driscoll Jr., Cato Institute
Year:	2018
Volume:	33
Number:	1
Pages:	47 - 62
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Federal Reserve, Bank of Japan, Abe’s three arrows, central bank independence

Citation:
Cargill, Thomas F.; O’Driscoll Jr., Gerald P. / 2018. "The Federal Reserve in the Shadow of the Bank of Japan." The Journal of Private Enterprise, 33(1): 47-62.