Re-evaluating Quantitative Easing through DSGE Models--Mechanism on Excess Reserve and An Increase in Loan

2018 Fiscal Year Final Research Report

• Project/Area Number: 16K03745
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Nagoya City University
• Principal Investigator: OKANO Eiji 名古屋市立大学, 大学院経済学研究科, 教授 (20406713)
• Project Period (FY): 2016-04-01 – 2019-03-31
• Keywords: 量的緩和政策

Outline of Final Research Achievements

While Curdia and Woodford (2010, CW) deny quantitative easing (QE) in limited sense, Shioji (2015) implies that the QE in limited sense is effective through an increase in loan. There is an inconsistency between them. By developing the model in which intermediate input companies and financial intermediaries are allowed and accompanies with reserve deposit as a policy instrument, we show theoretically and empirically and that the QE in limited sense minimize welfare cost through stabilizing macro economy so that an increase in reserve deposit bolsters financial intermediaries' net worth and increases loans after a shock which decreases asset value hits an economy.

Free Research Field

国際金融論、金融政策、マクロ経済学

Academic Significance and Societal Importance of the Research Achievements

本研究は研究者の間で齟齬を来している狭義の量的緩和政策の効果について一定の知見を得たという点で大きな意義がある。かつ、狭義の量的緩和政策の効果について懐疑的な主張が多い中、先行研究に沿った文脈にそって、つまり先行研究を拡張したモデルを用いて狭義の量的緩和政策の効果について肯定的な知見を得たことは非常に有意義である。Carmen and Reinhart (2009)が指摘するように金融危機は古くて新しい問題であり今後も世界経済が直面する課題であり、本研究の政策的含意が今後生かされる局面は大いにあると考えられる。