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Toward a Guidepost for Quantitative Tightening :The Case of the Bank of Japan
http://hdl.handle.net/10086/0002061068
http://hdl.handle.net/10086/0002061068c3674b75-fe5d-4094-ac6a-fd58af466ec5
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
HIAS-E-146.pdf (1.1 MB)
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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 | 2025-10-22 | |||||||
| タイトル | ||||||||
| タイトル | Toward a Guidepost for Quantitative Tightening :The Case of the Bank of Japan | |||||||
| 言語 | en | |||||||
| 作成者 |
SHIRATSUKA, Shigenori
× SHIRATSUKA, Shigenori
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| 寄与者 | ||||||||
| 寄与者タイプ | Editor | |||||||
| 姓名 | Hitotsubashi Institute for Advanced Study, 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 | Central bank balance sheet | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | New conventional monetary policy | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Liquidity effects | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Quantitative tightening | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Extended banknote rule | |||||||
| 内容記述 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | An exit strategy from large-scale unconventional monetary policy requires central banks to adjust their policy interest rates and the size of their balance sheet. Adjustments of policy interest rates are carried out using neutral interest rates as a guidepost, even in the presence of measurement uncertainty. In contrast, adjustments of balance sheet size, or quantitative tightening (QT), are implemented through trial and error without any standardized guideposts. In this paper, I will develop a guidepost for the QT process in Japan. To that end, I will examine the long-term level of the balance sheet size of the Bank of Japan (BOJ), based on the estimation results for the nonlinear shape of the reserve demand curve. I will then carry out a simulation analysis of the transition path of the BOJ’s holdings of Japanese Government Bonds (JGBs). I will also address concerns over the boundary between fiscal financing and monetary policy by proposing the “extended banknote rules,” both in the long term and in the transition. | |||||||
| 言語 | en | |||||||
| 出版者 | ||||||||
| 出版者 | Hitotsubashi Institute for Advanced Study, Hitotsubashi University | |||||||
| 言語 | en | |||||||
| 日付 | ||||||||
| 日付 | 2025-09-09 | |||||||
| 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 | |||||||
| 言語 | en | |||||||
| 関連名称 | Discussion paper series ; No. HIAS-E-146 | |||||||
| ページ数 | ||||||||
| ページ数 | 33 | |||||||
| JEL | ||||||||
| 値 | E44 | |||||||
| JEL | ||||||||
| 値 | E52 | |||||||
| JEL | ||||||||
| 値 | E58 | |||||||
| JEL | ||||||||
| 値 | G21 | |||||||
