Ito, Takatoshi - National Bureau of Economic Research (NBER) - 2010
, the oil crisis is blamed for the 1973-74 high inflation. However, due to monetary policy decisions in 1972-73, the … monetary policy should not be overruled or the high inflation would be repeated. By this logic, the Bank of Japan obtained /de …, the Bank of Japan was able to tighten monetary policy and to contain the inflation rate under 10 percent. The interest …