Monetary Policy, Credit, and Real Activity: Evidence from the Balance Sheet of Japanese Firms☆
Monetary Policy, Credit, and Real Activity: Evidence from the Balance Sheet of Japanese Firms☆
复制标题
货币政策、信贷和实际活动：来自日本企业资产负债表的证据☆
DOI：
10.1006/jjie.2000.0455
复制
发表时间：
2000
影响因子：
2.9
通讯作者：
K. Ogawa
中科院分区：
文献类型：
--
作者：
K. Ogawa
摘要本文利用按企业规模分类的季度时间序列数据，分析了日本经济中的货币传导机制。我们特别研究了货币政策影响企业固定投资的渠道，特别关注企业的土地。我们估计了向量自回归模型，其中我们包含了关于货币传导的两个相互竞争的假设：货币和信贷渠道。我们的证据支持信贷渠道。我们发现，土地在货币传导中发挥了至关重要的作用，尤其是对小企业而言。此外，我们还发现，1990年代土地价值的下跌大大削弱了货币政策的有效性。日本j。Int。经济学。， 2000年12月，14(4)，385-407页。大阪大学社会经济研究所，大阪，日本版权所有2000学术出版社。经济文献分类号：E22、E32、E44、E51。
Abstract We analyze the mechanism of monetary transmission in the Japanese economy by using the quarterly time series data disaggregated by firm size. In particular we examine the channels through which monetary policy influences the firm's fixed investment with special focus on the firm's land. We estimate the vector autoregressive model where we encompass two competing hypotheses on the monetary transmission: monetary and credit channels. Our evidence is in support of the credit channel. We find that land has played a vital role in the monetary transmission, especially for small firms. Moreover, we find that fall of land value in 1990s weakened the efficacy of monetary policy considerably. J. Japan. Int. Econ., December 2000, 14(4), pp. 385–407. Institute of Social and Economic Research, Osaka University, Osaka, Japan Copyright 2000 Academic Press. Journal of Economic Literature Classification Numbers: E22, E32, E44, E51.
上田一夫：“日本货币政策的比较视角：短期货币控制和传导机制”日本货币政策。
DOI：
--
发表时间：
--
期刊：
影响因子：
--
作者：
通讯作者：
--