Macroeconomic effects of quantitative and qualitative monetary easing measures

Junko Koeda

    Research output: Contribution to journalArticle

    1 Citation (Scopus)


    We estimate a structural vector autoregressive model with an effective lower bound of nominal interest rates (ELB) using Japanese macroeconomic and financial data from the mid-1990s to the end of 2016. The estimated results show that the Bank of Japan's quantitative and qualitative easing (QQE) policy increased output via “pure” quantitative easing when the first-year's QQE level effect was controlled, complemented by qualitative easing. Our nonlinear counter-factual analyses show that raising the ELB or lowering an inflation threshold in forward guidance is not necessarily contractionary.

    Original languageEnglish
    JournalJournal of The Japanese and International Economies
    Publication statusPublished - 2019 Jan 1



    • Effective lower bound of nominal interest rates
    • Forward guidance
    • Maximum likelihood
    • Quantitative and qualitative monetary easing policy
    • Structural vector autoregression

    ASJC Scopus subject areas

    • Finance
    • Economics and Econometrics
    • Political Science and International Relations

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