DOI: 10.5687/sss.2014.84 View full text |Buy / Rent full text

Abstract: This paper investigates the effect of "quantitative easing monetary policy (QEMP)" which the Bank of Japan (BOJ) adopted from March 2001 through June 2006, by changing operating target for money market from interest rate to the monetary base that is defined as the sum of "Cash" and "Reserves at the BOJ". The paper confirms that the monetary policy has contributed to the recovery of the prolonged deflation. First we estimate vector autoregressive (VAR) model, which consists of the reserves, stock, exchange rate… Show more

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