2013 Fiscal Year Final Research Report
Econometric Analysis for Unconventional Monetary Policy:At Zero Lower Bound
Project/Area Number |
23530398
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Research Category |
Grant-in-Aid for Scientific Research (C)
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Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
Public finance/Monetary economics
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Research Institution | Okinawa International University |
Principal Investigator |
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Project Period (FY) |
2011 – 2013
|
Keywords | 金融論 |
Research Abstract |
A research results of this Study,which had been presented for Spring Annual Meeting at Japan Society of Monetary Economics (Dates: May 25 – 26,2013.Venue: Hitotsubashi University).The article attempts to uncover the mechanics of the Japanese economic recovery in the middle 2000s that implemented the Quantitative Easing Policy by the Bank of Japan. Our analysis use a structural VMA which is based on Cointegrated VAR. The main finding is that the improvement in operating profits(AS side) brought positive feedback effect on real consumption expenditure(AD side), which was the component of prices and real output recovery. However, the solely improvement in aggregate demand ware not detected, so prices recovery ware remarkably small compared with real output.
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Research Products
(3 results)