The effectiveness of conventional and unconventional monetary policy: Evidence from a structural dynamic factor model for Japan
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- 作者：Max Hanisch max.hanisch@wiwi.uni-muenster.de
- 关键词：C32 ; E52 ; E58
- 刊名：Journal of International Money and Finance
- 出版年：2017
- 出版时间：February 2017
- 年：2017
- 卷：70
- 期：Complete
- 页码：110-134
- 全文大小：3015 K
- 卷排序：70
文摘
I investigate Japanese monetary policy in a structural dynamic factor model covering 135 macroeconomic key variables. I compare the effects of a monetary policy shock before and after the implementation of quantitative easing in 2001. Before 2001, the policy shock has a strong positive effect on output and a modest effect on prices. After 2001, the policy shock has a positive, but weak and rather transitory, effect on output and a strong effect on prices.