論文

査読有り
2017年9月

Inflation, expectation, and the real economy in Japan

JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES
  • Masanori Ono

45
開始ページ
13
終了ページ
26
記述言語
英語
掲載種別
研究論文(学術雑誌)
DOI
10.1016/j.jjie.2017.05.002
出版者・発行元
ACADEMIC PRESS INC ELSEVIER SCIENCE

This paper investigates the effectiveness of unconventional monetary policy in Japan by taking into account people's price expectations. First, a stability test revealed that the effects of the 2011 earthquake were not strong enough to have caused a structural break in the economy. Second, the impulse response analysis reveals that an expansionary policy has a temporary, positive effect on financial and real economic variables. However, the inflation rate does not increase to a statistically significant level from zero. Third, market participants' expectation of a devaluation of the yen occurs in advance of an actual increase in the monetary base. (C) 2017 Elsevier Inc. All rights reserved.

Web of Science ® 被引用回数 : 1

リンク情報
DOI
https://doi.org/10.1016/j.jjie.2017.05.002
Scopus
https://www.scopus.com/record/display.uri?eid=2-s2.0-85020311249&origin=inward
Web of Science
https://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcAuth=JSTA_CEL&SrcApp=J_Gate_JST&DestLinkType=FullRecord&KeyUT=WOS:000411541900002&DestApp=WOS_CPL
URL
https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85020311249&origin=inward