Monetary Policy Effects on Prices : Empirical Studies Using Japanese Disaggregate Consumption Prices and Corporate Prices Data

本研究旨在考察日本货币政策对真实的经济，尤其是物价的影响。实证结果表明：第一，异质冲击和货币政策冲击对物价水平的影响存在不同的时滞。此外，笔者还考察了日本两次世界大战期间的宏观经济政策和最近的非常规货币政策的效果，发现这些政策对真实的经济产生了重大影响。

The purpose of this study is to examine the effects of Japanese monetary policy on the real economy, especially the prices. My empirical findings are as follows : First, I find that there are different time lags with which the idiosyncratic shocks and monetary policy shocks have impacts on the price levels. Second, their time lags are characterized by industry specific factors, etc. In addition, I examine the effects of macroeconomic policy during the interwar period in Japan and the recent unconventional monetary policy, and find that these policies have significant impacts on the real economy.