DOI: 10.5687/sss.2016.164
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Abstract: This paper investigates the effect of "quantitative easing monetary policy (QEMP)" which the Bank of Japan (BOJ) adopted from March 2001 through March 2006, by changing operating target for money market from interest rate to the monetary base that is defined as the sum of "Cash" and "Reserve Deposit at the BOJ". The paper confirms that the monetary policy has contributed to the recovery of the prolonged deflation. First we comparatively investigate economic activities in the usual economy period of (1981,1998)… Show more

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