<p>The subject matter of this project and report is the application of systems engineering principles to this country's fiscal and monetary policies. The project demonstrates the use of systems engineering principles in the analysis of the current economic problems and in the formulation of possible solutions to these problems. A basic overview of current fiscal and monetary systems provides a foundation for understanding the problems and possible solution approaches.</p> <p> Many systems engineering tools and techniques are useful in solving the nation's economic problems. Systems analyses, including verbal modeling, causal diagramming, and simulation modeling are capable of finding the root causes of current economic difficulties. The principles of life-cycle cost analysis are excellent tools for improving the federal budgetary process. Multiattribute decision analysis methods are invaluable when prioritizing competing projects. Benefit-cost analyses ensure that a given project yields benefits that are worth the cost to the taxpayers. Functional analyses and decision making techniques are useful in eliminating waste from federal agencies, and they ensure critical resources are employed in the most productive manner. Mathematical modeling techniques are used to project the results of proposed fiscal and monetary policies.</p> / Master of Science

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This dissertation studies distributional effect of (un)conventional monetary policies on Japanese household and corporate finances. It puts a special focus on household saving(s) and household income. The dissertation consists of four independent essays. In the first essay “Low Interest Rate Policy and Savings Culture in Japan: Implications for Economic Policy” the change in the savings culture in Japan during more than 30 years of low, zero and negative interest rate policies is examined. It is shown how the Bank of Japan’s persistently loose monetary policy changed the household and corporate savings culture in Japan. The second essay “Japanese Monetary Policy and Determinants of Household Saving” analyzes determinants of the household saving rate in Japan between 1960 and 2019. It finds that the zero-interest rate policy and unconventional monetary policies of the Bank of Japan are associated with the decline in the Japanese household saving rate. In the third essay “Japanese Unconventional Monetary Policy and Household Saving” the impact of expansionary monetary policies on household saving in Japan between 1993 and 2017 is analyzed. It shows that monetary expansion is associated with a widening gap in the wealth distribution through an adverse effect on non-academic households. The fourth essay “The Effects of Unconventional Monetary Policy on Stock Markets and Household Incomes in Japan” studies the distributional effects of monetary policy on Japanese household incomes. It is shown that the Bank of Japan’s unconventional monetary policy has contributed to a widening gap in the income distribution through the portfolio channel

Thesis advisor: Geoffrey Sanzenbacher / In recent decades, an increasing number of countries have adopted inflation targeting (IT) as a framework for monetary policy, wherein the country's central bank attempts to steer actual inflation toward a projected target rate. However, the question still remains whether or not IT can work in low-income countries experiencing hyperinflation, such as Venezuela. One of the main challenges facing such countries is the lack of credibility of their monetary institutions. Inflation targeting may help restore this credibility by committing the central bank to a transparent and accountable monetary policy. This paper delves into the theory of inflation targeting, examines the benefits and challenges associated with IT, and discusses the specific challenges that Venezuela may face when adopting IT. The paper also emphasizes the importance of accurate economic data in developing effective monetary policies and argues that forecasting can play a critical role in predicting the effectiveness of IT in Venezuela. Empirical evidence from other countries that have implemented inflation targeting will also be used to provide insights into the potential benefits and challenges of this policy for Venezuela. / Thesis (BA) — Boston College, 2023. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Departmental Honors. / Discipline: Economics.

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