在不同的货币政策体制下，日本住宅价格是如何形成的

Q3 Economics, Econometrics and Finance

International Journal of Monetary Economics and Finance Pub Date : 2021-07-28 DOI:10.1504/ijmef.2021.10038989

Takayasu Ito

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引用次数: 0

摘要

东京、名古屋和大阪的三个住宅价格在两个货币政策体系中共同波动。第一个时期没有发现因果关系，但第二个时期发现了从东京到大阪的因果关系。这三种住宅价格在第一阶段同时波动，但相互独立。在日本央行推出强有力的非传统货币政策，如量化宽松和负利率政策后，三种住宅价格通过从东京到大阪的传导共同波动。这篇论文可能会为其他遭受资产通缩的国家提供一个国际政策启示。

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How are residential property prices formed in Japan under different monetary policy regimes

Three residential property prices in Tokyo, Nagoya, and Osaka co-move in two monetary policy regimes. No causality is found in the first period, but causality from Tokyo to Osaka is found in the second period. The three residential property prices move together, but independently in the first period. After the BOJ introduces strong non-traditional monetary policies such as quantitative and qualitative easing (QQE) and negative interest rate policy (NIRP), the three residential property prices move together through the transmission from Tokyo to Osaka. This paper possibly gives an international policy implication for other countries suffering from asset deflation.

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来源期刊

International Journal of Monetary Economics and Finance Economics, Econometrics and Finance-Finance

CiteScore

1.20

自引率

0.00%

发文量

期刊介绍： International money, banking and finance have become central to understanding how modern open economies and national economic policies work and interact. IJMEF is an international, peer-reviewed journal at the forefront of economic research, fostering discussion on advances in research which have a significant, long-term impact. With articles from both economists and finance experts, IJMEF represents a focal point for understanding issues involved in economic growth, providing a truly global perspective on monetary and financial questions at national and international levels. Topics covered include: -International financial institutions- Monetary theory- Exchange rates and interest rates- Bank services and development- Central banking- International banking- Credit and financial markets- Open economy macroeconomics- Macroeconometrics- International finance- Financial markets and institutions- Corporate governance- Financial liberalisation- Financial performance- Credit channels.