@article{oai:barrel.repo.nii.ac.jp:00005338,
 author = {Hiroshi, Shibuya and Mengyi, Yuan},
 issue = {2/3},
 journal = {商学討究},
 month = {Dec},
 note = {We present a new paradigm for monetary policy based on a dynamic price index (DPI). Traditionally, central banks have used a static price index such as CPI for monetary policy. However, CPI fails to capture the intertemporal cost-of-living and the dynamic aspect of inflation. This myopic failure has often led to financial bubbles and economic crises. A dramatic example is Japan’s bubble burst in 1990, from which Japan could not recover for decades. Such policy mistakes can be avoided if central banks use DPI, which captures dynamic inflation and deflation adjusted for productivity changes. We propose a dynamic monetary policy with an optimal DPI target zone that can prevent bubbles and promote growth.},
 pages = {5--32},
 title = {Dynamic Monetary Policy: Preventing Bubbles and Promoting Growth},
 volume = {70},
 year = {2019}
}