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An econometric analysis of unconventional monetary policy : the cases of Japan and United States
https://doi.org/10.20561/00050333
https://doi.org/10.20561/00050333677c1f95-38b6-4f9c-a1b5-7d202fd742a9
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
Full-text PDF (1.1 MB)
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| Item type | アジ研テクニカルレポート / IDE Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2018-03-14 | |||||
| タイトル | ||||||
| タイトル | An econometric analysis of unconventional monetary policy : the cases of Japan and United States | |||||
| タイトル | ||||||
| タイトル | An econometric analysis of unconventional monetary policy : the cases of Japan and United States | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
| 資源タイプ | technical report | |||||
| ID登録 | ||||||
| ID登録 | 10.20561/00050333 | |||||
| ID登録タイプ | JaLC | |||||
| 著者 |
Shibata, Tsubasa
× Shibata, Tsubasa× Kosaka, Hiroyuki |
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| 著者別名 | ||||||
| 柴田,つばさ | ||||||
| 著者別名 | ||||||
| 小坂,弘行 | ||||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | In the wake of financial crisis, the use by major advanced countries of unconventional monetary policies, such as credit easing (CE) by central banks toward depository banks as well as quantitative easing (QE), is not without controversy. While QE increases the liability side of the central bank's balance sheet by expanding the monetary base, the new phase of CE policy enlarges the asset side by purchasing different types of credit in order to get credit markets functioning. Nevertheless, many studies have not taken this important difference in policy into account. They have shed light on mechanisms of the determination of interest rate but precluded any endogenous movement of items in the balance sheets of central banks. Instead, this paper attempts to construct a financial model, linked to a macro-econometric model, which reflects the central bank's balance sheet. The two linked models provide a better guide to explaining how a central bank's monetary policy generates impacts on the real economy via depository banks. By undertaking a comparative assessment of the cases of Japan and the USA, this study conducts scenario simulation using the two linked models. It thereby offers an alternative solution to current monetary policy that aims to tackle the problem of deflation. | |||||
| 権利 | ||||||
| 権利情報 | Copyrights 日本貿易振興機構（ジェトロ）アジア経済研究所 / Institute of Developing Economies, Japan External Trade Organization (IDE-JETRO) http://www.ide.go.jp | |||||
| 収録情報 |
IDE Discussion Paper en : IDE Discussion Paper 巻 704, p. 1-36, 発行日 2018-03 |
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| 出版者 | ||||||
| 出版者 | Institute of Developing Economies (IDE-JETRO) | |||||
| 著者版フラグ | ||||||
| 出版タイプ | VoR | |||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:E10 - General | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:E17 - Forecasting and Simulation: Models and Applications | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:E44 - Financial Markets and the Macroeconomy | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:E52 - Monetary Policy | |||||
| 地域/国名 | ||||||
| 位置情報（自由記述） | Japan | |||||
| 地域/国名 | ||||||
| 位置情報（自由記述） | Developed Countries | |||||
| 地域/国名 | ||||||
| 位置情報（自由記述） | United States | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Econometrics | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Macro-econometric model | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Unconventional monetary policy | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Financial market | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Japan | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Developed Countries | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | United States | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| DIG_NO | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | IDP000704_001 | |||||
| 研究会名 | ||||||
| 新しいグローバル・モデルの開発とその応用 | ||||||
