Unconventional Monetary Policy in Japan: An Empirical Study on its Effectiveness
Unconventional Monetary Policy in Japan: An Empirical Study on its Effectiveness

Author(s): Atsushi Tanaka
Subject(s): Economy
Published by: Wydawnictwo Uniwersytetu Łódzkiego
Keywords: monetary policy;Japan;effectiveness;empirical study
Summary/Abstract: This paper examined the unconventional monetary policy in Japan. Its features were examined, and then some possible routes of the transmission mechanism for the policy to aff ect real business activities were explored. The conventional routes are invalid since the call rate is at zero. The unconventional routes, the commitment effect and portfolio rebalance effect were examined; however, most of the past empirical studies show pessimistic results about these effects.

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