2012 Fiscal Year Final Research Report
Monetary Policymaking at the Bank of Japan
| Project/Area Number |
21530265
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic policy
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| Research Institution | Tokyo Metropolitan University |
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Principal Investigator |
UMEDA Masanobu 首都大学東京, 社会科学研究科, 教授 (40438114)
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| Project Period (FY) |
2009 – 2012
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| Keywords | 新日銀法 / 金融政策決定会合 / 非伝統的な金融政策 / デフレ / 金融システム不安 |
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| Research Abstract |
In this paper, I investigated the unprecedented monetary policymaking process at the Bank of Japan since late 1990s under the New Bank of Japan Act, using the transcripts of the Monetary Policy Committee of the BOJ and various other documents and data. This study revealed the genuine motives for the BOJ’s policy judgments such as (1) the initial interest rate reduction to 0.25％, (2) the introduction of zero-interest-rate policy, (3) the lift of zero-interest-rate policy, (4) the introduction of quantitative easingpolicy and so on, and also analyzed consistency among the unconventional policies whose results gave various useful implications for monetary policy analyses..
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