| アイテムタイプ |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2017-05-20 |
| タイトル |
|
|
タイトル |
Massive Money Injection in an Economy with Broad Liquidity Services: The Japanese Experience 2001-2006 |
|
言語 |
en |
| 作成者 |
Iwamura, Mitsuru
Shiratsuka, Shigenori
渡辺, 努
|
| 寄与者 |
|
|
寄与者タイプ |
Editor |
|
|
姓名 |
日本経済の物価変動ダイナミクスの解明 = Understanding Inflation Dynamics of the Japanese Economy |
|
|
言語 |
en |
| アクセス権 |
|
|
アクセス権 |
open access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
Liquidity trap |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
zero interest rate policy |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
quantitative monetary easing policy |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
broad liquidity services |
| 内容記述 |
|
|
内容記述タイプ |
Other |
|
内容記述 |
November 06 -- Cover; September 4, 2006 -- Title page |
|
言語 |
en |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
This paper presents a model with broad liquidity services to discuss the consequences of massive money injection in an economy with the zero interest rate bound. We incorporate Goodfriend's (2000) idea of broad liquidity services into the model by allowing the amounts of bonds with various maturities held by a household to enter its utility function. We show that the satiation of money (or the zero marginal utility of money) is not a necessary condition for the one-period interest rate to reach the zero lower bound; instead, we present a weaker necessary condition that the marginal liquidity service provided by money coincides with the marginal liquidity service provided by the one-period bonds, both of which are not necessarily equal to zero. This result implies that massive money injection would have some influences on an equilibrium of the economy even if it does not alter the private sector's expectations about future monetary policy. Our empirical results indicate that forward interest rates started to decline relative to the corresponding futures rates just after March 2001, when a quantitative monetary easing policy started by the Bank of Japan, and that the forward and futures spread has never closed until the policy ended in March 2006. We argue that these findings are not easy to explain by a model without broad liquidity services. |
| 出版者 |
|
|
出版者 |
Research Center for Price Dynamics, Institute of Economic Research, Hitotsubashi University |
| 日付 |
|
|
日付 |
2006-11 |
|
日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
|
|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_18gh |
|
資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 関連情報 |
|
|
関連タイプ |
isPartOf |
|
|
関連名称 |
Working Paper Series ; No. 1 |
| 関連情報 |
|
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|
識別子タイプ |
URI |
|
|
関連識別子 |
http://www.ier.hit-u.ac.jp/~ifd/ |
| ページ数 |
|
|
ページ数 |
37 |
| Sponsorship |
|
|
値 |
日本学術振興会・科学研究費補助金（学術創成研究費） = JSPS Grant-in-Aid for Creative Scientific Research |
| JEL |
|
|
値 |
E31 |
| JEL |
|
|
値 |
E43 |
| JEL |
|
|
値 |
E52 |
IFD_WP01.pdf (1708840 bytes)
