RIEBセミナー (RIEB Seminar)
| 日時： （Date&Time) |
2006年6月7日（水）午後3時から （Wednesday, June 7, 2006, 3:00pm〜） |
| 報告者： （Speaker） |
鎮目 雅人 (SHIZUME Masato) |
| 所属： （Affiliation） |
神戸大学経済経営研究所 (RIEB, Kobe University) |
| 論題： （Topic） |
A Myth of "the Keynesian before Keynes:" Low Interest Rate Policy in the Early 1930s in Japan |
| 概要： （Abstract） |
Departing from the gold standard was the necessary condition for early recovery from the Great Depression in 1930s (Eichengreen and Sachs[1985]). Then, was it the sufficient condition for independent monetary policy? I explore Japan's monetary policy during the interwar period, focusing on the macroeconomic policy innovation in the early 1930s. I explore the contemporary view of the Japanese policymakers, making use of newly available archives from the Bank of Japan. I derive a new series of representative long-term interest rate data from the market price of a government bond. Then, I explore the relationship between long-term interest rates of Japan and the two financial centers, Great Britain and the United States. The Japanese experience tells how strong the Golden Fetters were during the post-gold-standard era. The institution of the gold standard had an enduring influence on Japanese policymakers, notably even after its constraints were no longer formally binding. |
| 会場： (Place) |
神戸大学経済経営研究所 調査室 （兼松記念館1階） Seminar Room at RIEB (Kanematsu Memorial Hall 1st Floor) |
| 対象： （Intended Audience) |
教員，院生，および同等の知識をお持ちの方 Faculty, Graduate Students, and People with Equivalent Knowledge |
| 使用言語 （Language) |
日本語 Japanese |
| 備考： (Note) |
論文のコピーは研究助成室にご用意しております。 |