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Effect of Quantitative Easing in USA through Estimation of Precautionary Demand
https://kyotogakuen.repo.nii.ac.jp/records/1285
https://kyotogakuen.repo.nii.ac.jp/records/1285cfc92e37-0acc-4b83-9b1d-9b739b0c4db3
| Item type | [ELS]紀要論文 / Departmental Bulletin Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2018-06-12 | |||||
| タイトル | ||||||
| タイトル | Effect of Quantitative Easing in USA through Estimation of Precautionary Demand | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | jpn | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | estimation of precautionary demand | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | cointegration | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | QE1 | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||
| 資源タイプ | departmental bulletin paper | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| 雑誌書誌ID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AN10373395 | |||||
| 著者 |
森田, 洋二
× 森田, 洋二× 宮川, 重義× Morita, Yoji× Miyagawa, Shigeyoshi |
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| 著者所属(英) | ||||||
| en | ||||||
| Department of Economics, Kyoto Gakuen University | ||||||
| 著者所属(英) | ||||||
| en | ||||||
| Department of Economics, Kyoto Gakuen University | ||||||
| 抄録(英) | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | In 2001, the Bank of Japan (BOJ) adopted ”quantitative monetary easing”. Since short term interest rates became almost zero, the operating target of monetary policy was changed from interest rate to ”Reserve at the BOJ”. Honda et al [1] showed that the reserve at the BOJ in (2001,2006) is effective to the economy through a transmission path in a stock market, where impulse responses in VAR model are used in monthly data of Japan. Decomposing money into transaction demand and precautionaryone and estimating precautionary one, Morita and Miyagawa [2] tried to show that increasing reserve at the BOJ makes GDP increased through the stock market in quarterly data. In this paper, the method of estimating precautionary demand in Japan [2] is extensivelyimproved and applied to the case of USA. Using precautionary demand estimatedin the whole interval (1980m01, 2012m02), the quantitative easing at FRB isshown to be effective during the period (2006m06, 2010m02). |
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| 書誌情報 | 巻 22, 号 2, p. 57-68, 発行日 2013-03 | |||||
