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アイテム
Impact of US Monetary Policy Spillovers and Yield Curve Control Policy
http://hdl.handle.net/10086/85067
http://hdl.handle.net/10086/850677b53aaf8-9118-475b-9dba-8eaf94789667
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
DP760.pdf (536.4 KB)
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| Item type | デフォルトアイテムタイプ（フル）その２(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2025-02-17 | |||||
| タイトル | ||||||
| タイトル | Impact of US Monetary Policy Spillovers and Yield Curve Control Policy | |||||
| 言語 | en | |||||
| 作成者 |
NAKAJIMA, Jouchi
× NAKAJIMA, Jouchi |
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| 寄与者 | ||||||
| 寄与者タイプ | Editor | |||||
| 姓名 | Institute of Economic Research, Hitotsubashi University | |||||
| 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 | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Monetary policy | |||||
| 主題 | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Term premium | |||||
| 主題 | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Shadow rate | |||||
| 主題 | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Yield curve control | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This study revisits the impact of US monetary policy (MP) spillovers on international bond markets through an empirical analysis of Japanese government bond yields. The analysis investigates how US MP shocks affect the yield curve and the components of expected rates and term premiums. A key insight of this study, supported by the empirical findings, is that the impacts of US MP spillovers on the term premium of domestic yields are muted during the yield curve control (YCC) policy, where the targeted long-term yield is kept within a certain small range. This novel finding implies that the policy is effective in preventing longterm yields from increasing upward pressure from US MP spillovers. | |||||
| 言語 | en | |||||
| 出版者 | ||||||
| 出版者 | Institute of Economic Research, Hitotsubashi University | |||||
| 日付 | ||||||
| 日付 | 2025-02 | |||||
| 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 | Discussion paper series. A ; No. 760 | |||||
| 関連情報 | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | https://www.ier.hit-u.ac.jp/English/ | |||||
| 助成情報 | ||||||
| 助成機関識別子タイプ | Crossref Funder | |||||
| 助成機関識別子 | https://doi.org/10.13039/501100001691 | |||||
| 助成機関名 | Japan Society for the Promotion of Science | |||||
| 言語 | en | |||||
| 研究課題番号URI | https://kaken.nii.ac.jp/ja/grant/KAKENHI-PROJECT-23H00050/ | |||||
| 研究課題番号 | 23H00050 | |||||
| 研究課題名 | 新日銀法下における金融政策の四半世紀総括と次世代への展望 | |||||
| 言語 | ja | |||||
| 収録物識別子 | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AA11476336 | |||||
| ページ数 | ||||||
| ページ数 | 22 | |||||
| Sponsorship | ||||||
| 値 | The author gratefully acknowledges financial support from the Ministry of Education, Culture, Sports, Science and Technology of the Japanese Government through Grantsin-Aid for Scientific Research (No. 23H00048, 23H00050), the Hitotsubashi Institute for Advanced Study, and the Research Center for Economic and Social Risks. | |||||
| JEL | ||||||
| 値 | E43 | |||||
| JEL | ||||||
| 値 | E52 | |||||
| JEL | ||||||
| 値 | E58 | |||||
| JEL | ||||||
| 値 | G12 | |||||
