开放市场运作下的非常规货币政策：主成分分析*

IF 5.3 3区经济学 Q1 ECONOMICS

Asian Economic Papers Pub Date : 2022-01-10 DOI:10.1162/asep_a_00842

Markus Heckel, K. Nishimura

{"title":"开放市场运作下的非常规货币政策：主成分分析*","authors":"Markus Heckel, K. Nishimura","doi":"10.1162/asep_a_00842","DOIUrl":null,"url":null,"abstract":"Abstract This paper examines the unconventional monetary policies of the Bank of Japan from 2002 to 2019 with a focus on open market operations. We apply a principal component analysis to investigate the complexity of monetary policy. Our results identify four principal components that explain the variance of measures taken by the Bank of Japan and its operations of various facilities: asset purchase measures including Japanese Government Bonds (JGBs), Exchange-Traded Funds (ETFs), Japanese Real Estate Investment Trusts (J-REITs), and three different liquidity supply measures. Complexity differs substantially among different governorships of Fukui, Shirakawa (most complex), and Kuroda. We derive some conclusions from the increased complexity with implications for the economy.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"21 1","pages":"1-28"},"PeriodicalIF":5.3000,"publicationDate":"2022-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Unconventional Monetary Policy through Open Market Operations: A Principal Component Analysis*\",\"authors\":\"Markus Heckel, K. Nishimura\",\"doi\":\"10.1162/asep_a_00842\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Abstract This paper examines the unconventional monetary policies of the Bank of Japan from 2002 to 2019 with a focus on open market operations. We apply a principal component analysis to investigate the complexity of monetary policy. Our results identify four principal components that explain the variance of measures taken by the Bank of Japan and its operations of various facilities: asset purchase measures including Japanese Government Bonds (JGBs), Exchange-Traded Funds (ETFs), Japanese Real Estate Investment Trusts (J-REITs), and three different liquidity supply measures. Complexity differs substantially among different governorships of Fukui, Shirakawa (most complex), and Kuroda. We derive some conclusions from the increased complexity with implications for the economy.\",\"PeriodicalId\":52020,\"journal\":{\"name\":\"Asian Economic Papers\",\"volume\":\"21 1\",\"pages\":\"1-28\"},\"PeriodicalIF\":5.3000,\"publicationDate\":\"2022-01-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asian Economic Papers\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1162/asep_a_00842\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Economic Papers","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1162/asep_a_00842","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

摘要本文考察了日本央行2002年至2019年的非常规货币政策，重点是公开市场操作。我们应用主成分分析来研究货币政策的复杂性。我们的研究结果确定了四个主要组成部分，解释了日本银行及其各种设施运营所采取措施的差异：包括日本政府债券（JGB）、交易所交易基金（ETF）、日本房地产投资信托基金（J-REITs）在内的资产购买措施，以及三种不同的流动性供应措施。福井、白川（最复杂的）和黑田东彦的不同政府之间的复杂性差异很大。我们从对经济影响的复杂性增加中得出了一些结论。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Unconventional Monetary Policy through Open Market Operations: A Principal Component Analysis*

Abstract This paper examines the unconventional monetary policies of the Bank of Japan from 2002 to 2019 with a focus on open market operations. We apply a principal component analysis to investigate the complexity of monetary policy. Our results identify four principal components that explain the variance of measures taken by the Bank of Japan and its operations of various facilities: asset purchase measures including Japanese Government Bonds (JGBs), Exchange-Traded Funds (ETFs), Japanese Real Estate Investment Trusts (J-REITs), and three different liquidity supply measures. Complexity differs substantially among different governorships of Fukui, Shirakawa (most complex), and Kuroda. We derive some conclusions from the increased complexity with implications for the economy.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Asian Economic Papers ECONOMICS-

CiteScore

7.50

自引率

0.00%

发文量

期刊介绍： The journal Asian Economic Papers (AEP) is supported by several prominent institutions, including the Center for Sustainable Development at Columbia University in the United States. This shows that there is a strong emphasis on sustainable development within the journal's scope. Additionally, the Korea Institute for International Economic Policy in South Korea, the UN Sustainable Development Solutions Network (SDSN) in Malaysia, and the Economic Research Institute for ASEAN and East Asia in Indonesia also sponsor AEP. The articles published in AEP focus on conducting thorough and rigorous analyses of significant economic issues pertaining to specific Asian economies or the broader Asian region. The aim is to gain a deeper understanding of these issues and provide innovative solutions. By offering creative solutions to economic challenges, AEP contributes to the discourse and policymaking that impact the Asian economies and region as a whole.