| Project/Area Number |
15K03418
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic policy
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| Research Institution | Hitotsubashi University |
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Principal Investigator |
Shioji Etsuro 一橋大学, 大学院経済学研究科, 教授 (50301180)
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| Project Period (FY) |
2015-04-01 – 2018-03-31
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| Project Status |
Completed (Fiscal Year 2017)
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| Budget Amount *help |
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2017: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2016: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Keywords | マクロ経済学 / 金融政策 / ゼロ金利 / 量的緩和 / 銀行行動 / パネルデータ / 時系列分析 / 信用創造 / 質的量的緩和 / マイナス金利 / 長短金利操作 / 失われた20年 / イールドカーブコントロール |
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| Outline of Final Research Achievements |
In recent years, central banks around the world have experimented with various forms of Unconventional Monetary Policies. However, our understanding about their effects is still limited. This project studies how the effects of Quantitative Easing (QE) Policies are transmitted to the private economy through the financial system. To that end, I construct a panel data set based on individual Japanese banks' financial statements. I econometrically estimate how an expansion of the supply of excess reserves by the Bank of Japan affects each bank's asset choices, including lending. I find that, under the QE in the first half of the 2000s, such a policy had a stimulating impact on bank loans, though the effect was small, quantitatively. In contrast, under the Quantitative and Qualitative Easing since 2013, similar effects were not found. At the same time, the study points out a possibility that the policy has worked through influencing private banks' holdings of the Japanese Government Bonds.
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