Optimal Monetary Policy in inefficient financial markets

在这个研究项目中，我研究了低效金融市场中的最优货币政策。我得到了三个结果。首先，当金融市场变得无效时，货币政策对经济的影响就会降低。其次，日本银行在国内贷款市场上存在羊群行为，银行羊群行为降低了日本金融市场的效率。第三，日本央行控制的名义利率规则对日本经济的影响有限。

In this research project, I have investigated optimal monetary policy in inefficient financial markets. I obtain three results. First, the effect of monetary policy on the economy is reduced when financial markets become inefficient. Second, Japanese banks followed herd behavior in domestic loan markets, and the bank herding reduced the efficiency of the Japanese financial market. Third, the nominal interest rate rules controlled by the Bank of Japan had a limited effect on the Japanese economy.