Policy Uncertainty in Japan is popular PDF and ePub book, written by Ms.Elif C Arbatli in 2017-05-30, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Policy Uncertainty in Japan can be Read Online from any device for your convenience.
Policy Uncertainty in Japan Book PDF Summary
We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian Financial Crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan’s recent decision to defer a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade and exchange rate policy co-vary positively but also display distinct dynamics. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan’s macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.
Detail Book of Policy Uncertainty in Japan PDF
- Author : Ms.Elif C Arbatli
- Release : 30 May 2017
- Publisher : International Monetary Fund
- ISBN : 9781484300671
- Genre : Business & Economics
- Total Page : 48 pages
- Language : English
- PDF File Size : 18,9 Mb
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