@article{oai:kyotogakuen.repo.nii.ac.jp:00000904,
 author = {宮川, 重義 and 森田, 洋二 and 澤田, 吉孝 and Shigeyoshi, Miyagawa and Morita, Yoji and Sawada, Yoshitaka},
 issue = {2},
 month = {2009-03-01, 2018-05-27},
 note = {The paper focuses on the effectiveness of money demand in Japan and Finland, standing on the position that monetary policy can be still effective even in the depression when short term interest rates fall into the low level.It is crucial to testify that money demand function is stable under the depression, because it has an important implication for the effectiveness of monetary policy.Since the latter half of the 1980s, Japan and Finland experienced asset price inflation, or so called "the bubble".Both countries experienced severe recession after the burst of the bubble.The financial system was severely damaged by the mounting amount of nonperforming loan, which led to the substantial instability in estimated money demand.The effectiveness of monetary policy is impossible to assess on the basis of a model with unstable money demand function.The paper will clarify how the Japanese and Finnish economy caused asset inflation and plunged into a serious depression with an attention to a behavior of money demand.
The paper will perform the cointegration test to investigate the relationship between money and real economic activity, taking into consideration the precautionary demand caused by the financial anxiety.EGARCH model will be used to quantify the financial anxieties in the Japanese case.The estimation results of both economies suggest that the relationship between money sock and the economy is still stable in the depression., 4, KJ00005986959, 論文, Article},
 pages = {67--92},
 title = {The Effectiveness of Monetary Policy in the Depression of Japan and Finland},
 volume = {18},
 year = {},
 yomi = {ミヤガワ, シゲヨシ and モリタ, ヨウジ and サワダ, ヨシタカ}
}