The impact of non-traditional monetary policy on income and consumption inequality in Japan

2020 Fiscal Year Final Research Report

• Project/Area Number: 16K17149
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Money/ Finance
• Research Institution: Kansai University (2017-2020); Chukyo University (2016)
• Principal Investigator: HANABUSA Kunihiro 関西大学, 商学部, 教授 (40547949)
• Project Period (FY): 2016-04-01 – 2021-03-31
• Keywords: 非伝統的金融政策 / 消費格差 / 所得格差

Outline of Final Research Achievements

The Bank of Japan has been expanding liquidity under low interest rates since 1999 in order to recover the domestic economy after the collapse of the asset price bubble economy and the Lehman shock. This policy is called non-traditional monetary policy. In this study, we examined whether the non-traditional monetary policy implemented by the Bank of Japan created inequality problems for income and consumption. The results obtained are as follows. (1) It could not be confirmed that the implementation of non-traditional monetary easing policies increased income inequality. (2) The increase in the monetary base did not affect the income and food expenses of both the low-income and high-income groups.

Free Research Field

金融政策

Academic Significance and Societal Importance of the Research Achievements

本研究では金融政策と所得や消費に対する不平等の関係について研究を行った。この研究を開始した時期には、トマ・ピケティ著の書籍が日本語に翻訳され (『21世紀の資本』, 2014)、日本においても所得や資産に関する格差問題に注目が集まっていた。また、アベノミクスの3本の矢の一つである「大胆な金融政策」が実施されていた。本研究では非伝統的金融政策と所得・消費格差の関係に着目をし、その関係について一定の見解を示した。