2015 Fiscal Year Final Research Report
Empirical study on unconventional monetary policy: comparative analysis between its effects and side effects
| Project/Area Number |
24730249
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Economic policy
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| Research Institution | Osaka Prefecture University |
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Principal Investigator |
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| Project Period (FY) |
2012-04-01 – 2016-03-31
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| Keywords | 金融政策 / 非伝統的金融政策 / 量的緩和策 |
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| Outline of Final Research Achievements |
This research empirically analyzed the effects and side effects of unconventional monetary policy. First, it is found that the unconventional monetary policy adopted by FRB since 2008 lowered medium and long-term interest rates, while it was one of the factors that caused the oil price increases at that time. Second, quantitative easing policy of the BOJ from 2001 had more immediate effects on macroeconomy than conventional monetary policy, but the effect was less persistent and more uncertain. Third, the quantitative easing policy had the effects on bank lending at least in the early 2000s, in which financial crisis reoccurred in Japan.
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| Free Research Field |
経済学
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