| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2015: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2012: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Outline of Final Research Achievements |
This research empirically analyzed the effects and side effects of unconventional monetary policy. First, it is found that the unconventional monetary policy adopted by FRB since 2008 lowered medium and long-term interest rates, while it was one of the factors that caused the oil price increases at that time. Second, quantitative easing policy of the BOJ from 2001 had more immediate effects on macroeconomy than conventional monetary policy, but the effect was less persistent and more uncertain. Third, the quantitative easing policy had the effects on bank lending at least in the early 2000s, in which financial crisis reoccurred in Japan.
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