The Effectiveness of Unconventional Monetary Policy in Japan
The Effectiveness of Unconventional Monetary Policy in Japan
复制标题
日本非常规货币政策的有效性
DOI：
10.1080/00213624.2019.1594525
复制
发表时间：
2019
影响因子：
0.7
通讯作者：
H. and U. Volz
中科院分区：
文献类型：
--
作者：
Montgomery;H. and U. Volz
自2007-2008年全球金融危机以来，世界各地的央行官员被迫放弃常规货币政策工具，转而采用量化宽松、前瞻性指引等非常规政策，甚至将银行准备金利率降至负值。日本曾面临银行业危机，并在近十年前遭遇了理论上的零利率下限，在使用这些非常规政策工具方面，日本是先行者。本文分析了日本大胆尝试非常规货币政策的有效性。本文利用一组涵盖日本商业银行15年全宇宙的两年一度的银行数据，分析了量化宽松政策在货币政策传导的银行贷款渠道上的有效性。我们的研究结果表明，日本的非常规货币政策奏效了：日本存在货币政策传导的银行贷款渠道。这些结果对于包含时间固定效应和广义矩分析方法是稳健的。
Since the global financial crisis of 2007–2008, central bankers around the world have been forced to abandon conventional monetary policy tools in favor of unconventional policies such as quantitative easing, forward guidance, and even lowering the interest rate paid on bank reserves into negative territory. Japan, which faced a crisis in its banking sector and came up against the theoretical zero lower bound on interest rates nearly a decade earlier, was a pioneer in the use of many of these unconventional policy tools. This article analyzes the effectiveness of Japan’s bold experiment with unconventional monetary policy. Using a panel of bi-annual bank data covering the full universe of Japanese commercial banks over a fifteen-year period, this study analyzes the effectiveness of quantitative easing policy on the bank lending channel of monetary policy transmission. Our findings suggest that Japan’s unconventional monetary policy worked: there is a bank lending channel of monetary policy transmission in Japan. These results are robust to the inclusion of time fixed effects and generalized method of moments analysis.
来自日本的证据
DOI：
--
发表时间：
2017
期刊：
影响因子：
--
作者：
A. Drǎgoi;Ana
通讯作者：
Ana
日本货币政策传导机制：来自银行资产负债表的证据
影响因子：
2.9
作者：
K. Hosono
通讯作者：
K. Hosono
具有和不具有约束性资本要求的货币部门模型
影响因子：
3.7
作者：
Kenneth J. Kopecky;David D. VanHoose
通讯作者：
David D. VanHoose