| Item type |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2026-01-29 |
| タイトル |
|
|
タイトル |
Macroeconomic Effects of Unconventional Monetary Policy in Japan : Analysis Using Narrative Sign Restrictions |
|
言語 |
en |
| 作成者 |
FUJITA, Shumpei
IIBOSHI, Hirokuni
SHINTANI, Mototsugu
|
| 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 |
Monetary policy shock |
| 主題 |
|
|
言語 |
en |
|
主題Scheme |
Other |
|
主題 |
narrative restrictions |
| 主題 |
|
|
言語 |
en |
|
主題Scheme |
Other |
|
主題 |
structural vector autoregressive models |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
We evaluate the macroeconomic effects of unconventional monetary policy (UMP) in Japan, focusing in particular on the Quantitative and Qualitative Monetary Easing (QQE) implemented during Governor Haruhiko Kuroda’s tenure. To identify UMP shocks, we impose narrative sign restrictions on structural shocks and on historical decompositions, exploiting three major policy episodes that generated significant surprises in financial markets. Our results indicate that expansionary UMP shocks increase both output and the inflation rate. The exchange rates, stock prices, and bank lending also respond to the UMP shock in a manner consistent with standard macroeconomic theory. Furthermore, narrative sign restrictions resolve some puzzling responses observed with Cholesky decomposition and tighten the wide credible intervals typical of standard sign restrictions. |
|
言語 |
en |
| 出版者 |
|
|
出版者 |
Hitotsubashi Institute for Advanced Study, Hitotsubashi University |
|
言語 |
en |
| 日付 |
|
|
日付 |
2026-01 |
|
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-156 |
| ページ数 |
|
|
ページ数 |
40 |
| JEL |
|
|
値 |
E31 |
| JEL |
|
|
値 |
E32 |
| JEL |
|
|
値 |
E44 |
| JEL |
|
|
値 |
E52 |
070_hiasDP-E-156.pdf (2.2 MB)
