کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5086253 | 1478164 | 2013 | 12 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Policy commitment and market expectations: Lessons learned from survey based evidence under Japan's quantitative easing policy
ترجمه فارسی عنوان
تعهدات سیاسی و انتظارات بازار: درسهایی که از شواهد بر اساس نظرسنجی در سیاست کمی کاهش سیاست ژاپن آموخته شده است
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
The Bank of Japan conducted its quantitative easing policy (QEP) from 2001 to 2006, with the policy commitment to maintaining its QEP until the CPI inflation rate became stably zero or higher. We evaluate its effects by using individual survey data on inflation expectations as well as interest rate expectations. Our analysis reveals a kinked relationship between interest rate expectations and inflation rate expectations at around the 0% threshold level of inflation expectations, in tune with this policy commitment. In addition, we evaluate the effects of the policy commitment on market expectations for the future path of short-term interest rates after the termination of the QEP. We find that, even when inflation expectations exceeded the threshold, interest rate expectations responded only gradually to inflation rate expectations.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Japan and the World Economy - Volumes 25â26, JanuaryâMarch 2013, Pages 102-113
Journal: Japan and the World Economy - Volumes 25â26, JanuaryâMarch 2013, Pages 102-113
نویسندگان
Yoshiyuki Nakazono, Kozo Ueda,