NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Great Inflation and Central Bank Independence in Japan

Takatoshi Ito

NBER Working Paper No. 15726
Issued in February 2010

---- Acknowledgements -----

This paper was written for the conference on "Great Inflation." The author is grateful to comments on earlier versions by editors, a discussant, and anonymous referees, Michael Bordo, Frederic Mishkin, and Athanasios Orphanides. The author has also benefited from detailed comments by Shigenori Shiratsuka, Masato Shizume, and other participants of a seminar at the Bank of Japan in July 2009. In addition, the author is grateful to many economists and executives, currently and in the past, of the Bank of Japan over the past three decades. Any remaining errors are mine. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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