کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5058634 | 1476630 | 2015 | 5 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Effects of the Bank of Japan's current quantitative and qualitative easing
ترجمه فارسی عنوان
اثرات کاهش کمی و کیفی فعلی بانک مرکزی ژاپن
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper examines how the Bank of Japan's current quantitative and qualitative easing affects the Japanese economy by using a Markov-switching vector autoregression model on daily economic data during January 2012-August 2014. The results reveal that quantitative easing by expanding the monetary base significantly lowers short-term interest rates and raises inflation rates. In addition, the lowered interest rates positively affect inflation rates. Qualitative easing through purchases of long-term government bonds and exchange-traded funds increases economic activity. Purchases of exchange-traded funds stimulate the stock and foreign exchange markets in Japan, while purchases of Japan real estate investment trusts do not have any effect.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economics Letters - Volume 133, August 2015, Pages 112-116
Journal: Economics Letters - Volume 133, August 2015, Pages 112-116
نویسندگان
Takashi Matsuki, Kimiko Sugimoto, Katsuhiko Satoma,