At the same time, 2019 year to date inflation rate is -1.28% and year over year inflation rate is 0.98%. 36-56.Ball, Laurence (2013): "The Case for Four Percent Inflation," Central Bank Review, 13(2). One could argue that the BOJ could have provided more accommodative monetary policy by even more aggressive asset purchase programs, interest rates at more negative levels, and better communication strategies.The difficulty of raising inflation reflects a fundamental asymmetry in monetary policy arising from the ELB constraint. Eggertsson, Gauti, Ragnar Juelsrud, Lawrence Summers, and Ella Getz Wold (2019): "Negative Nominal Interest Rates and the Bank Lending Channel," NBER Working Paper No.

January 08, 2020 Some eurozone members have already hit that target, including Belgium and Spain, while the Baltic countries have overshot it. Those measures include, among others, a rapid and substantial expansion of the central bank's balance sheet, more aggressive use of forward guidance, negative interest rate policy, and purchases of private securities through exchange-traded funds (ETFs).Source: The BOJ policy rate series is the quarterly average of the "Call rate, Uncollateralized Overnight/Average" and is available at the BOJ website. 67-87.Debortoli, Davide, Jordi Galí, and Luca Gambetti (2019): "On the Empirical (Ir)relevance of the Zero Lower Bound Constraint," National Bureau of Economic Research. The unemployment rate is from FRED-Federal Reserve Bank of St. Louis.Since 2013, the output gap has picked up, and the unemployment rate has steadily declined, as shown in the bottom two panels of Figure 2. The inflation target was set between 12 percent and 17 percent for 2017, 8 percent and 12 percent for 2018, and between 3.5 percent and 6 percent for 2019. 13(1), pp. Nevertheless, as historical experiences of raising the inflation target are limited, it is useful for other central banks to contemplate whether there are any lessons they can learn from the Japanese experience.I see three possible lessons for other central banks considering the possibility of increasing their inflation targets in the future.First, the Japanese experience shows that an announcement of a higher inflation target does not guarantee that inflation will increase to the new target level, even if the announcement is accompanied by a historically unprecedented degree of monetary accommodation.

2017(2).

As shown in Figure 1, the BOJ raised the inflation target from 1 percent to 2 percent when inflation had been consistently below 1 percent for more than a decade. The nominal GDP series is from FRED-Federal Reserve Bank of St. Louis. NBER Working Paper No. It is even below the old target level of 1 percent.Source: The inflation series is monthly and computed as the year-on-year percent change in CPI, less fresh food—shown by the solid black line with black circles. No matter how aggressively they use other policy instruments at the ELB, central banks may not be able to Thus, in thinking about whether to raise the inflation target to a certain level, central banks need to take into account whether they are Second, for the central bank to convince the public that it is capable of raising inflation to a new, higher target, it is likely useful for the central bank to have achieved the old, lower target in a sustainable manner before adopting a higher target.
Current inflation Spain - this page features an overview of current inflation in Spain.   That is 0.83 less than it was in December 2018 and 0.20 less than in January 2018. Following inflation rates are available for Spain: Current inflation Spain (CPI Spain) – the inflation is based upon the Spanish consumer price index.
Soon after the introduction of QQE in March 2013, the BOJ appreciably raised the projected path of inflation, forecasting that inflation would reach the new target of 2 percent in two years.


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