The Effectiveness of Non�?Traditional Monetary Policy Measures: The Case of the Bank of Japan
The Effectiveness of Non�?Traditional Monetary Policy Measures: The Case of the Bank of Japan
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非传统货币政策措施的有效性：日本央行的案例
DOI：
10.1111/j.1468-5876.2011.00547.x
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发表时间：
2011
期刊：
影响因子：
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通讯作者：
K. Ueda
中科院分区：
文献类型：
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作者：
K. Ueda
本文总结了日本银行（BOJ）在过去20年中以及其他G7国家央行在本次金融危机爆发后采取的非传统货币政策措施，并分析了这些措施的有效性。本文首先介绍了在利率零下限（ZLB）附近可用的政策类型。它们是：（i）未来政策利率的前瞻性指导;（ii）有针对性的资产购买;（iii）量化宽松。使用这种类型，我回顾了日本银行和其他中央银行采取的措施。然后，对日本银行采取的措施对资产价格的影响进行新闻分析，并与美联储采取的措施进行比较。除策略（iii）外，许多措施都显示出资产价格朝着预期的方向移动。另一个例外是，大多数货币宽松措施未能削弱日元。尽管这些措施对资产价格产生了一定的影响，但未能明显阻止日本经济的通货紧缩趋势。我讨论了一些可能的原因，以及对货币政策的更普遍的影响。
This paper summarizes non-traditional monetary policy measures adopted by the Bank of Japan (BOJ) during the last two decades and by other G7 central banks since the start of the current global financial turmoil and analyzes the effectiveness of such measures. The paper begins with a typology of policies usable near the zero lower bound on interest rates (ZLB). They are:(i) forward guidance of future policy rates;(ii) targeted asset purchases;(iii) and quantitative easing (QE). Using this typology, I review the measures adopted by the BOJ and other central banks. I then offer a news analysis of the effects of the measures adopted by the BOJ on asset prices, comparing them with those adopted by the Fed. Many of the measures, with the exception of strategy (iii), are shown to have moved asset prices in the expected directions. Another exception is that most of the monetary easing measures failed to weaken the yen. Despite some effects on asset prices, however, the measures have failed to stop the deflationary trend of the Japanese economy clearly. I discuss some possible reasons for this and more general implications for monetary policy.
DOI：
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发表时间：
2009
期刊：
BIS Quarterly Review
影响因子：
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作者：
K.Ueda;R.McCauley
通讯作者：
R.McCauley