Are there differences in the effectiveness of quantitative easing at the zero-lower-bound in Japan over time?

Our results indicate important differences of the Quantitative Easing (QE) shocks on the Japanese economy over time. More specifically, we find important time variation in the responses of core CPI and real GDP. With regard to the different monetary policy episodes in Japan we find somewhat more pronounced effects on core CPI during 'Abenomics'. The responses of the price level are generally found to be stronger and more significant than those of real GDP. This holds particularly for the 'Abenomics' period. These results are mirrored by our variance decomposition analysis.