Recent monetary policy effects on Japanese macroeconomy

This paper empirically analyzes the effects of recent monetary policy based on expected and real-time data for Japan. Also, expected data between different time periods would have impacts on the economy and are taken into account. Since the 2000s, Japan has experienced a serious recession and low or zero interest rates policy has been conducted, so such a special situation might have influence on the economy. The empirical results show that past forecast error data of GDP plays a significant role on macro economy in Japan, however, impacts on the economy are not found during a longer period, over a quarter. Furthermore, forecast data is not crucial to the economy.