Comparative Empirical Research on Japanese Zero Interest Rate Policy and Quantitative Monetary Easing Policy

• Project/Area Number: 21830142
• Research Category: Grant-in-Aid for Research Activity Start-up
• Allocation Type: Single-year Grants
• Research Field: Public finance/Monetary economics
• Research Institution: Doshisha University
• Principal Investigator: HANABUSA Kunihiro Doshisha University, 商学部, 講師 (40547949)
• Project Period (FY): 2009 – 2010
• Project Status: Completed (Fiscal Year 2010)
• Budget Amount: ¥2,639,000 (Direct Cost: ¥2,030,000、Indirect Cost: ¥609,000); Fiscal Year 2010: ¥1,248,000 (Direct Cost: ¥960,000、Indirect Cost: ¥288,000); Fiscal Year 2009: ¥1,391,000 (Direct Cost: ¥1,070,000、Indirect Cost: ¥321,000)
• Keywords: ゼロ金利政策 / 量的緩和政策 / 日本銀行 / 市場の予想形成 / 金利の期間構造 / 金融政策 / 時系列分析 / 金利

Research Abstract

The BOJ implemented the zero interest rate policy and the quantitative monetary easing policy from the late 1990s to early 2000s. The difference between these policy effects was as follows; (1) the zero interest rate policy increased volatilities of yield spreads but the quantitative monetary easing policy decreased them. (2) The announcements as to the termination of the zero interest rate policy affected the market expectation form but it as to the termination of the quantitative monetary easing policy did not do it.

Research Products

• [Journal Article] 日銀当座預金残高目標の引き上げによる長短金利差への影響 (2011)
  • Author(s): 英邦広
  • Journal Title: 金融経済研究 第32号 Pages: 78-95
  • NAID: 40018842951
  • Peer Reviewed
• [Journal Article] ゼロ金利政策と量的緩和政策のアナウンスメント効果の検証 (2011)
  • Author(s): 英邦広
  • Journal Title: 同志社商学 第62巻 Pages: 105-137
  • NAID: 120005635284
• [Journal Article] ゼロ金利政策と量的緩和政策のアナウンスメント効果の検証 (2011)
  • Author(s): 英邦広
  • Journal Title: 同志社商学 Volume: 62 Pages: 105-137
  • NAID: 120005635284
• [Journal Article] Effects of foreign disasters on the petroleum industry in Japan : A financial market perspective (2010)
  • Author(s): 英邦広
  • Journal Title: Energy Volume 35 Pages: 5455-5463
  • Peer Reviewed
• [Journal Article] 公的負債の利子率構造への影響:アメリカの場合 (2010)
  • Author(s): 英邦広・地主敏樹
  • Journal Title: 国民経済雑誌 第201巻 Pages: 51-64
  • NAID: 110007506630
• [Journal Article] 量的緩和政策下でのコミットメント条件の明確化と市場の予想形成 (2010)
  • Author(s): 英邦広
  • Journal Title: 同志社商学 第61巻 Pages: 90-107
  • NAID: 120005635240
• [Journal Article] Effects of foreign disasters on the petroleum industry in Japan : A financial market perspective (2010)
  • Author(s): 英邦広
  • Journal Title: Energy Volume: 35 Pages: 5455-5463
  • Peer Reviewed
• [Journal Article] 量的緩和政策下でのコミットメント条件の明確化と市場の予想形成 (2010)
  • Author(s): 英邦広
  • Journal Title: 同志社商学 61 Pages: 90-107
  • NAID: 120005635240
• [Journal Article] 公的負債の利子率構造への影響:アメリカの場合 (2010)
  • Author(s): 英邦広・地主敏樹
  • Journal Title: 国民経済雑誌 201 Pages: 51-64
  • NAID: 110007506630
• [Presentation] ゼロ金利政策と量的緩和政策のアナウンスメント効果の検証 (2010)
  • Author(s): 英邦広
  • Organizer: 日本金融学会秋季全国大会
  • Place of Presentation: 神戸大学
  • Year and Date: 2010-09-25
• [Presentation] ゼロ金利政策と量的緩和政策のアナウンスメント効果の検証 (2010)
  • Author(s): 英邦広
  • Organizer: 日本金融学会2010年度秋季大会
  • Place of Presentation: 神戸大学(神戸市)
  • Year and Date: 2010-09-25