Monetary Policymaking at the Bank of Japan

点击翻译按钮获取中文摘要

In this paper, I investigated the unprecedented monetary policymaking process at the Bank of Japan since late 1990s under the New Bank of Japan Act, using the transcripts of the Monetary Policy Committee of the BOJ and various other documents and data. This study revealed the genuine motives for the BOJ’s policy judgments such as (1) the initial interest rate reduction to 0.25％, (2) the introduction of zero-interest-rate policy, (3) the lift of zero-interest-rate policy, (4) the introduction of quantitative easingpolicy and so on, and also analyzed consistency among the unconventional policies whose results gave various useful implications for monetary policy analyses..