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Monetary Policy in the Deflationary Economy; Japan's Experience
https://kyotogakuen.repo.nii.ac.jp/records/916
https://kyotogakuen.repo.nii.ac.jp/records/916fef4798d-f70b-455f-9c08-12a80e98008c
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
20-1-miyagawa_morita (276.4 kB)
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| Item type | [ELS]紀要論文 / Departmental Bulletin Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2016-08-09 | |||||
| タイトル | ||||||
| タイトル | Monetary Policy in the Deflationary Economy; Japan's Experience | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | bubble | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | deflation | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | monetary base | |||||
| 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 | financial anxieties | |||||
| 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 | |||||
| 雑誌書誌ID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AN10373395 | |||||
| 論文名よみ | ||||||
| タイトル | Monetary Policy in the Deflationary Economy; Japan's Experience | |||||
| 著者 |
宮川, 重義
× 宮川, 重義× 森田, 洋二× Miyagawa, Shigeyoshi× Morita, Yoji |
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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 | ||||||
| 記事種別(英) | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | Article | |||||
| 抄録(英) | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | The paper addresses the effectiveness of monetary policy in the prolonged Japan’s recession. A large amount of research has been aimed at the topic. A majority of the previous paper denies the effectiveness of monetary policy in the deflation. The Bank of Japan always insists that monetary policy does not work well especially in the severe deflation. However the role of money should not be ignored when we considers M. Friedman’s word “Both inflation and deflation are monetary phenomenon.” The paper will apply the Vector Error Correction Model into Japan’s economy over the period from 1980q1 through 2009q1. The model examines whether or not there exists a long-run equilibrium relationship between the monetary base and economic activity, paying a close attention to the precautionary money demand caused by the financial anxiety. People are expected to increase the precautionary demand, facing the financial crisis. The survey data is used to quantify the financial anxieties. The result shows that the cointegration property among monetary base and economic acclivity still hold even after Japan’s economy fallen into the deflation in 1997, when people’s financial anxiety is taken into account. The paper also analyzes the existence of the liquidity trap by the same model. The data analysis demonstrates the non-existence of the trap. Thus, we conclude that monetary policy is still effective and the BOJ’s role is crucially important to combat against the prolonged recession. |
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| 書誌情報 | 巻 20, 号 1, p. 43-62, 発行日 2010-09-01 | |||||
| 表示順 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 3 | |||||
| アクセション番号 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | KJ00007986699 | |||||
