2010 Fiscal Year Final Research Report
Comparative Empirical Research on Japanese Zero Interest Rate Policy and Quantitative Monetary Easing Policy
| Project/Area Number |
21830142
|
|---|
| Research Category |
Grant-in-Aid for Research Activity Start-up
|
| Allocation Type | Single-year Grants |
|---|
| Research Field |
Public finance/Monetary economics
|
|---|
| Research Institution | Doshisha University |
|---|
Principal Investigator |
HANABUSA Kunihiro Doshisha University, 商学部, 講師 (40547949)
|
|---|
| Project Period (FY) |
2009 – 2010
|
| Keywords | ゼロ金利政策 / 量的緩和政策 / 日本銀行 / 市場の予想形成 / 金利の期間構造 / 金融政策 / 時系列分析 |
|---|
| Research Abstract |
The BOJ implemented the zero interest rate policy and the quantitative monetary easing policy from the late 1990s to early 2000s. The difference between these policy effects was as follows; (1) the zero interest rate policy increased volatilities of yield spreads but the quantitative monetary easing policy decreased them. (2) The announcements as to the termination of the zero interest rate policy affected the market expectation form but it as to the termination of the quantitative monetary easing policy did not do it.
|
