Econometric Analysis for Unconventional Monetary Policy:At Zero Lower Bound
Project/Area Number |
23530398
|
Research Category |
Grant-in-Aid for Scientific Research (C)
|
Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
Public finance/Monetary economics
|
Research Institution | Okinawa International University |
Principal Investigator |
|
Project Period (FY) |
2011 – 2013
|
Project Status |
Completed (Fiscal Year 2013)
|
Budget Amount *help |
¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2012: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2011: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
|
Keywords | 金融論 / 景気回復 / 量的緩和政策 / Cointegrated VAR / ゼロ金利 / 量的緩和 / 金融政策 |
Research Abstract |
A research results of this Study,which had been presented for Spring Annual Meeting at Japan Society of Monetary Economics (Dates: May 25 – 26,2013.Venue: Hitotsubashi University).The article attempts to uncover the mechanics of the Japanese economic recovery in the middle 2000s that implemented the Quantitative Easing Policy by the Bank of Japan. Our analysis use a structural VMA which is based on Cointegrated VAR. The main finding is that the improvement in operating profits(AS side) brought positive feedback effect on real consumption expenditure(AD side), which was the component of prices and real output recovery. However, the solely improvement in aggregate demand ware not detected, so prices recovery ware remarkably small compared with real output.
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Report
(4 results)
Research Products
(7 results)