在量化宽松和定性宽松政策下，货币传导渠道是否有效?

IF 0.7 4区经济学 Q3 ECONOMICS

Acta Oeconomica Pub Date : 2023-06-20 DOI:10.1556/032.2023.00014

Wee-Yeep Lau, Tien-Ming Yip

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引用次数: 0

摘要

摘要本研究考察了日本央行量化和定性货币宽松政策的货币传导渠道对日本通货膨胀率的影响。货币传导渠道主要有利率渠道、投资组合再平衡渠道和汇率渠道。基于2013年8月1日至2019年10月31日的数据，格兰杰因果检验表明，利率渠道在传导货币宽松效应中起着至关重要的作用。具体而言，利率渠道将QQE、负利率QQE和收益率曲线控制政策QQE的效果传导至国内物价水平。在所有QQE政策期间，投资组合再平衡和外汇汇率渠道都没有影响日本的通胀率。实验结果对不同的估计方法都具有鲁棒性。基于这些发现，该研究提出了一些必要的政策建议。

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Are monetary transmission channels effective under the quantitative and qualitative easing policy?

Abstract This study measures the effectiveness of monetary transmission channels of the Bank of Japan's (BOJ) Quantitative and Qualitative Monetary Easing (QQE) policy in affecting Japan's inflation rate. The monetary transmission channels are interest rate, portfolio rebalancing and foreign exchange rate channels. Based on data from 1 August 2013 to 31 October 2019, the Granger's Causality Test showed that the interest rate channel was vital in transmitting the effect of monetary easing. Specifically, the interest rate channel transmitted the effect of QQE, QQE with a negative interest rate and QQE with yield curve control policy to the domestic price level. Portfolio rebalancing and foreign exchange rate channels did not influence Japan's inflation rate in all the QQE policy periods. The empirical results are robust against different estimation methods. Based on the findings, the study offers some imperative policy recommendations.

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来源期刊

Acta Oeconomica ECONOMICS-

CiteScore

1.40

自引率

25.00%

发文量

期刊介绍： Acta Oeconomica publishes articles on Eastern European and Hungarian economic transition, theoretical and general issues of the transition process, economic policy, econometrics and mathematical economics. Space is also devoted to international economics, European integration, labour economics, industrial organisation, finance and business economics.Publishes book reviews and advertisements.