| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2020: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2019: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2018: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
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| Outline of Final Research Achievements |
In this research project, I applied macroeconometric techniques to quantitatively assess the effectiveness of (1) conventional monetary policy, (2) quantitative and qualitative easing policy, and (3) expectation management policy. I also developed econometric methodologies for each analysis. The empirical results are as follows. (1) There is statistical support that the BOJ has maintained long-term discipline over the money market environment through short-term interest rate operations and that conventional monetary policy has had a quantitatively significant impact on financial markets and the macroeconomy since the 1980s. (2) Under low-interest rate environment, qualitative easing and short-term interest rate adjustment can be effective in stimulating the economy, while quantitative easing is limited. (3) The effectiveness of expectation management policies depends on whether they are associated with changes in future long-term economic prospects.
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