2019 Fiscal Year Research-status Report
The effects of unconventional policies in the post-crisis era
| Project/Area Number |
18K01621
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| Research Institution | International Christian University |
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Principal Investigator |
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| Project Period (FY) |
2018-04-01 – 2021-03-31
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| Keywords | financial institutions / unconventional policy / monetary policy / transmission mechanism / credit channel / bank lending channel |
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| Outline of Annual Research Achievements |
As I reported in my last annual report for AY2018 (April 2018 - March 2019), thus far, I have been able to complete collection of data on Japanese banks and Japanese unconventional monetary policy. Using a panel of bi-annual bank data covering the full universe of Japanese commercial banks over a fifteen-year period, I was able to conduct some empirical analysis of the effectiveness of quantitative easing policy on the bank lending channel of monetary policy transmission.
Preliminary results of that analysis were presented at several economics conferences and the results have now been published in an academic journal article.
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| Current Status of Research Progress |
Current Status of Research Progress
4: Progress in research has been delayed.
Reason
In 2018 I applied for and was awarded both a JSPS Kaken grant and an Abe Foundation Research Fellowship. The Abe Foundation Fellowship was for research in the United States during my sabbatical research leave, September 2018 - August 2019, so I focused on that research project for those months. I have only come back to this JSPS Kaken project September 2019 - April 2020 of this academic year.
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| Strategy for Future Research Activity |
During the coming academic year, April 2020 - March 2021 (AY2020・令和元年)I had planned to collect more data on US banks and complete my comparison of Japanese and US banks responses to unconventional monetary policy. The Covid-19 pandemic has made travel difficult, but I will proceed with that plan as much as possible.
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| Causes of Carryover |
As explained above, completion of the research plan may still involve more collection of data on the United States. In addition, preliminary results on Japan will be presented at conferences for feedback and comments.
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