• Search Research Projects
  • Search Researchers
  • How to Use
  1. Back to previous page

Reexamination of the Role of Monetary Policy in Financial Markets and the Real Economy: Empirical Exploration

Research Project

Project/Area Number 17K03804
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionKobe University

Principal Investigator

Shibamoto Masahiko  神戸大学, 計算社会科学研究センター, 教授 (80457118)

Project Period (FY) 2017-04-01 – 2023-03-31
Project Status Completed (Fiscal Year 2022)
Budget Amount *help
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2020: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2019: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2018: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Keywords金融論 / 金融政策 / マクロ実証分析
Outline of Final Research Achievements

In this research project, I applied macroeconometric techniques to quantitatively assess the effectiveness of (1) conventional monetary policy, (2) quantitative and qualitative easing policy, and (3) expectation management policy. I also developed econometric methodologies for each analysis. The empirical results are as follows. (1) There is statistical support that the BOJ has maintained long-term discipline over the money market environment through short-term interest rate operations and that conventional monetary policy has had a quantitatively significant impact on financial markets and the macroeconomy since the 1980s. (2) Under low-interest rate environment, qualitative easing and short-term interest rate adjustment can be effective in stimulating the economy, while quantitative easing is limited. (3) The effectiveness of expectation management policies depends on whether they are associated with changes in future long-term economic prospects.

Academic Significance and Societal Importance of the Research Achievements

本研究課題で得られた研究成果の意義は、次の通りである。第1に、学術国際英語査読付き雑誌への投稿・掲載を行うことで、学術的な貢献を行うことができた。第2に、日本経済新聞や一般向け雑誌や本への寄稿を行うことで、一般の人々向けへの情報発信を通じて幅広い層に成果を伝えることができた。第3に、(2020年4月以降、その機会を逸することがあったものの)国内外研究機関への研究成果の報告を行い、同分野の研究者(特に、日本金融学会参加者との学界での交流やWillams CollageのKenneth N. Kuttner教授等との国際交流)と意見交換を行うことで、新たな研究プロジェクトに繋げることができた。

Report

(7 results)
  • 2022 Annual Research Report   Final Research Report ( PDF )
  • 2021 Research-status Report
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • 2017 Research-status Report
  • Research Products

    (20 results)

All 2023 2022 2021 2020 2019 2018 Other

All Int'l Joint Research (3 results) Journal Article (6 results) (of which Int'l Joint Research: 1 results,  Peer Reviewed: 2 results,  Open Access: 2 results) Presentation (10 results) (of which Int'l Joint Research: 4 results,  Invited: 3 results) Book (1 results)

  • [Int'l Joint Research] Williams College(米国)

    • Related Report
      2019 Research-status Report
  • [Int'l Joint Research] Williams College(米国)

    • Related Report
      2018 Research-status Report
  • [Int'l Joint Research] Williams College(米国)

    • Related Report
      2017 Research-status Report
  • [Journal Article] Inflation, Business Cycle, and Monetary Policy: The Role of Inflationary Pressure2023

    • Author(s)
      Masahiko Shibamoto
    • Journal Title

      RIEB Discussion Papers

      Volume: DP2023-04

    • Related Report
      2022 Annual Research Report
  • [Journal Article] Identifying Quantitative and Qualitative Monetary Policy Shocks2022

    • Author(s)
      Kiyotaka Nakashima, Masahiko Shibamoto, Koji Takahashi
    • Journal Title

      International Journal of Central Banking

      Volume: forthcoming

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Japan’s Monetary Policy: A Literature Review and Empirical Assessment2021

    • Author(s)
      Masahiko Shibamoto, Wataru Takahashi, Takashi Kamihigashi
    • Journal Title

      Journal of Computational Social Science

      Volume: forthcoming Issue: 2 Pages: 1215-1254

    • DOI

      10.1007/s42001-021-00113-z

    • Related Report
      2020 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Japan's Monetary Policy: A Literature Review and Empirical Assessment2020

    • Author(s)
      Masahiko Shibamoto, Wataru Takahashi, Takashi Kamihigashi
    • Journal Title

      RIEB Discussion Paper Series

      Volume: DP2020-15 Pages: 1-39

    • Related Report
      2019 Research-status Report
  • [Journal Article] Identifying Quantitative and Qualitative Monetary Policy Shocks2019

    • Author(s)
      Kiyotaka Nakashima, Masahiko Shibamoto, Koji Takahashi
    • Journal Title

      RIEB Discussion Paper Series

      Volume: DP2019-09 Pages: 1-49

    • Related Report
      2018 Research-status Report
    • Open Access
  • [Journal Article] 政策金利とフォワードガイダンスの効果2018

    • Author(s)
      柴本 昌彦
    • Journal Title

      経済セミナー

      Volume: 2019年1月号 Pages: 31-37

    • Related Report
      2018 Research-status Report
  • [Presentation] Inflation, Business Cycle, and Monetary Policy: The Role of Inflation Pressure2022

    • Author(s)
      Masahiko Shibamoto
    • Organizer
      International Symposium on Monetary Policy
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] マイナス金利政策と銀行行動:論点整理2020

    • Author(s)
      柴本昌彦
    • Organizer
      アジア太平洋研究所『マイナス金利環境の下での地域金融機関の経営の現状と課題』第2回研究会
    • Related Report
      2020 Research-status Report
    • Invited
  • [Presentation] 伝統的金利政策及びマイナス金利政策と銀行行動2020

    • Author(s)
      柴本昌彦
    • Organizer
      Monetary Economic Workshop
    • Related Report
      2020 Research-status Report
    • Invited
  • [Presentation] Identifying Quantitative and Qualitative Monetary Policy Shocks2019

    • Author(s)
      Masahiko Shibamoto
    • Organizer
      2019 CEBRA Annual Meeting
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Identifying Quantitative and Qualitative Monetary Policy Shocks2019

    • Author(s)
      柴本昌彦
    • Organizer
      The Osaka Workshop on Economics of Institutions and Organization
    • Related Report
      2019 Research-status Report
  • [Presentation] Identifying Quantitative and Qualitative Monetary Policy Shocks2019

    • Author(s)
      柴本 昌彦
    • Organizer
      日本銀行金融研究所セミナー
    • Related Report
      2018 Research-status Report
  • [Presentation] Inflation Shock, Expectation, and Monetary Policy2019

    • Author(s)
      柴本 昌彦
    • Organizer
      Monetary Economic Workshop
    • Related Report
      2018 Research-status Report
  • [Presentation] Identifying Unconventional Monetary Policy Shocks2018

    • Author(s)
      Masahiko Shibamoto
    • Organizer
      2018 Asian Meeting of the Econometric Society
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Identifying Unconventional Monetary Policy Shocks2018

    • Author(s)
      Masahiko Shibamoto
    • Organizer
      International Association for Applied Econometrics Conference
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] 金融政策の実証分析に関する最近の進展について2018

    • Author(s)
      柴本 昌彦
    • Organizer
      日本金融学会
    • Related Report
      2018 Research-status Report
    • Invited
  • [Book] 黒田日銀 超緩和の経済分析2018

    • Author(s)
      大村敬一, 翁邦雄, 北坂真一, 柴本昌彦, 田幡直樹, 早川英男, 細野薫
    • Total Pages
      197
    • Publisher
      日本経済新聞出版社
    • Related Report
      2018 Research-status Report

URL: 

Published: 2017-04-28   Modified: 2024-01-30  

Information User Guide FAQ News Terms of Use Attribution of KAKENHI

Powered by NII kakenhi