2020 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 – 2022-03-31
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| Keywords | monetary policy / Japanese banks / bank lending channel / quantitative easing / financial institutions / credit channel / transmission mechanism / unconventional policy |
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| Outline of Annual Research Achievements |
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.
I created a detailed time-line of unconventional monetary policies in Japan and the United States comparing institutional characteristics and developed a theoretical framework modeling the different possible responses of banks to unconventional monetary policy.
Results of that analysis were published as a book chapter in Routledge's Unconventional Monetary Policy and Financial Stability: The Case of Japan.
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| Current Status of Research Progress |
Current Status of Research Progress
4: Progress in research has been delayed.
Reason
The coronavirus global pandemic has made it difficult to travel for research collaboration, presentation, data collection etc...
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| Strategy for Future Research Activity |
During the coming academic year, April 2021 - March 2022 (AY2021・令和3年度) I plan 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, results on Japan will be presented at conferences for feedback and comments, if global health conditions allow.
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Research Products
(1 results)
