| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2016: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
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)
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| Outline of Final Research Achievements |
This project identifies the causal effect of monetary policy under the condition where the monetary policy shocks become large at the policy decisions, and examine the effectiveness of monetary policy communication, expectation channel, and unconventional monetary policy tools. It finds that (1) there exist monetary policy communication effects distinct from the effects of its policy decisions (2) forward guidance on future policy can have different policy effects depending on whether it takes the form of Delphic forward guidance (conveying future changes in policy conduct in accordance with changes in economic conditions) or Odyssean forward guidance (binding the future conduct of the policy authority itself) (3) the different policy instruments, that is, short-term interest rate, quantitative easing, and qualitative easing, have different effects on financial market and real economy.
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