TY  - UNPD
A1  - Assenmacher-Wesche, Katrin
A1  - Gerlach, Stefan
A1  - Sekine, Toshitaka
T1  - Monetary factors and inflation in Japan
T2  - Working paper series / Institute for Monetary and Financial Stability ; 13
N2  - Recently, the Bank of Japan outlined a “two perspectives” approach to the conduct of monetary policy that focuses on risks to price stability over different time horizons. Interpreting this as pertaining to different frequency bands, we use band spectrum regression to study the determination of inflation in Japan. We find that inflation is related to money growth and real output growth at low frequencies and the output gap at higher frequencies. Moreover, this relationship reflects Granger causality from money growth and the output gap to inflation in the relevant frequency bands. Keywords: spectral regression, frequency domain, Phillips curve, quantity theory. JEL Numbers: C22, E3, E5
T3  - Working paper series / Institute for Monetary and Financial Stability - 13 
KW  - spectral regression
KW  - frequency domain
KW  - Phillips curve
KW  - quantity theory
KW  - Japan
KW  - Geldpolitik
KW  - Inflation
Y1  - 2008
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/7027
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-70439
UR  - http://www.imfs-frankfurt.de/fileadmin/user_upload/pdf/Working%20Paper_2007_13_Gerlach_Assenmacher_Sekine.pdf
N1  - Published in: Journal of the Japanese and International Economies, 2008, vol. 22, pp. 343-363
ER  -