Monetary Policymaking at the Bank of Japan

在本文中，我利用日本央行货币政策委员会的记录和各种其他文件和数据，研究了日本银行自20世纪90年代末以来在新日本银行法下前所未有的货币政策制定过程。本研究揭示了日本央行(1)首次降息至0.25%、(2)引入零利率政策、(3)提升零利率政策、(4)引入量化宽松政策等政策判断的真实动机，并分析了非常规政策之间的一致性，其结果为货币政策分析提供了各种有益的启示。

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..