Policy coordination in East Asia and across the Pacific |
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Authors: | Koichiro Kamada Izumi Takagawa |
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Institution: | (1) Monetary Affairs Department, Bank of Japan, 2-1-1 Nihonbashi Hongoku-cho, Chuo-ku, Tokyo 103-8660, Japan;(2) Research and Statistics Department, Bank of Japan, 2-1-1 Nihonbashi Hongoku-cho, Chuo-ku, Tokyo 103-8660, Japan |
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Abstract: | In this paper, we construct a macro-econometric model that describes the economic activity in the Asia-Pacific area and provide
quantitative insights into the recent policy debates on monetary and currency coordination among the East Asian economies.
The model includes a wide variety of monetary and currency policy rules that the East Asian economies adopt and allows for
one country's policymaking to have substantial effects on foreign countries. We apply the model to three current policy issues:
(1) the desirability of currency basket pegs in East Asia, (2) the anticipated effects of China's currency policy reform,
and (3) the non-negativity constraint on Japanese nominal interest rates. The simulation analyses show the external economy
effects of policy rules quantitatively and suggest the difficulty of monetary and currency policy coordination among the East
Asian economies.
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