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ABSTRACTIn the literature on monetary economics, there is the 'inflationary bias' result which predicts that the rate of inflation will be biased towards a higher level under discretionary monetary policy than under a rule‐based policy regime. It is established that a credible nominal target can eliminate this 'inflationary bias'. In this paper, we examine the case of nominal GDP targeting, which is a rule‐based monetary regime. Depending on the degree of conservativeness by the central bank, we show in a stylized model the choice of different combination of inflation and real GDP targets can still result in an 'inflationary bias', and there also exists the possibility of a 'dis‐inflationary bias'.

AbstractThis study addresses the Chinese Second World War victims' reparations movement (CWRM) against Japan as a case of contemporary Chinese memory politics. While many studies indicate the Chinese government's use of the war memories for political purposes, ours focuses on how official discourses are translated into citizens' political participation and how the state–society interactions lead to variation in the development of the movement sectors within the case of CWRM. Drawing on textual and ethnographic data and a theoretical "dynamic statism," we argue that the central government's ambivalent attitude towards this ideologically useful yet institutionally troublesome movement created room for local governments and the movement to pursue their own causes. Yet the local and central governments' strong interventions, either facilitation or repression, discouraged civil society's participation and led to the underdevelopment of some movement sectors. In the sectors where the local governments held an attitude of absenteeism or co-operation, the movement was able to mobilize resources from civil society and state institutions and finally developed well.