2021 Fiscal Year Final Research Report
Debt Management toward the New Normal of Central Bank's Balance Sheet
| Project/Area Number |
18K01700
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Review Section |
Basic Section 07060:Money and finance-related
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| Research Institution | Sophia 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 | 公開市場操作のMM定理 / 中央銀行のバランスシート / 国債管理 / 政策空間 / 情報効果 |
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| Outline of Final Research Achievements |
We construct a theoretical model and present some empirical evidence to explore optimal size and composition of central bank's balance sheet, a critical issue which has been discussed to consider effects of quantitative easing policy since the Global Financial Crisis and the exit strategy from it. Two aspects of financial reality that the MM theorem of open market operations does not consider are incorporated into a model where shows that there function an interest rate on excess reserves of banks as a lower bound of policy instruments and a reverse-repo rate for collateralized government bonds held by central bank as an upper bound. The corridor system should be a new normal of the post-unconventional monetary policy.
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| Free Research Field |
マクロ経済学
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| Academic Significance and Societal Importance of the Research Achievements |
コロナ危機，ウクライナ危機と引き続くマクロ経済環境の激変の中，現在の日本銀行の拡大したバランスシートの規模および資産構成を活かした新しい金融政策のあり方について，理論的モデルを提示した．また，世間の論調を席捲する現代貨幣理論（MMT)が，中央銀行が発行した準備を如何なる短期の政府債の購入に充てても，財政当局と中央銀行を統合した政府全体の資産構成に変化はなく，実体経済に及ぼす効果に違いはないとするWallaceのMM定理に基づく議論であることから，理論的な一般性を持たないMMTと訣別し，国債管理の政策協調に関する日本版「アコード」の締結が望まれることを主張した．
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