2017 Fiscal Year Final Research Report
Empirical Studies on Japanese Monetary Policy under a Low Interest Rate Environment: Exploring Transmission Channel through Financial Market
| Project/Area Number |
25780204
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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 |
Money/ Finance
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| Research Institution | Kobe University |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2018-03-31
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| Keywords | 金融論 / 非伝統的金融政策 / 資産価格波及経路 |
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| Outline of Final Research Achievements |
This project identifies the causal effect of monetary policy under the condition where the monetary policy shocks become large at the policy decisions, and examine the effectiveness of monetary policy communication, expectation channel, and unconventional monetary policy tools. It finds that (1) there exist monetary policy communication effects distinct from the effects of its policy decisions (2) forward guidance on future policy can have different policy effects depending on whether it takes the form of Delphic forward guidance (conveying future changes in policy conduct in accordance with changes in economic conditions) or Odyssean forward guidance (binding the future conduct of the policy authority itself) (3) the different policy instruments, that is, short-term interest rate, quantitative easing, and qualitative easing, have different effects on financial market and real economy.
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| Free Research Field |
マクロ経済政策に関する実証研究
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