Macroeconomic effects of quantitative and qualitative monetary easing measures

研究成果: Article査読

5 被引用数 (Scopus)

抄録

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.

本文言語English
ページ(範囲)121-141
ページ数21
ジャーナルJournal of The Japanese and International Economies
52
DOI
出版ステータスPublished - 2019 6月

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学
  • 政治学と国際関係論

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