Model Representations of Japanese Monetary Policy
Model Representations of Japanese Monetary Policy
复制标题
日本货币政策的模型表述
DOI：
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发表时间：
1991
期刊：
影响因子：
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通讯作者：
R. Bryant
中科院分区：
文献类型：
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作者：
R. Bryant
本文回顾了研究人员在实证模型中指定“反应函数”来表示货币政策行为时遇到的问题。这些问题不仅存在于日本的货币政策中，也存在于任何国家货币当局的行为中。本文提出了一种一般方法，然后通过开发日本国内货币政策的两种主要工具（银行间拆借利率和日本央行贴现率）的反应函数来说明这些想法。作为主要章节的背景，本文还概述了日本银行在实际操作中如何实施货币政策。
This paper reviews the issues that researchers encounter when specifying "reaction functions" to represent monetary-policy behavior in an empirical model. These issues arise not only for Japanese monetary policy, but for the behavior of any national monetary authority. The paper suggests a general approach, and then illustrates the ideas by developing reaction functions for the two main instruments of Japanese domestic monetary policy (the interbank call rate and the Bank of Japan's discount rate). As background for its main sections, the paper also gives an overview of how the Bank of Japan implements monetary policy in actual practice.