| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2018: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2017: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2016: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Outline of Final Research Achievements |
This study analyzes the micro structure of the payment system and the role of the central bank, and drows implications for the effects of quantitative easing by the central bank. The simulation analysis of the exit of quantitative easing using the data available as of June 2016 suggests that the Bank of Japan might suffer an annual loss larger than 7 trillion yen after the end of quantitative easing. Also, the theoretical analysis of the role of central-bank notes in credit creation by commercial banks and that of the need for central-bank money as legal tender indicate that quantitative easing biases real economic activities , because it supplies central-bank money as a store of value beyond the need for central-bank money as a means of payment.
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