Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/217163 
Erscheinungsjahr: 
2019
Quellenangabe: 
[Journal:] Quantitative Economics [ISSN:] 1759-7331 [Volume:] 10 [Issue:] 3 [Publisher:] The Econometric Society [Place:] New Haven, CT [Year:] 2019 [Pages:] 1069-1107
Verlag: 
The Econometric Society, New Haven, CT
Zusammenfassung: 
We propose an empirical framework for analyzing the macroeconomic effects of quantitative easing (QE) and apply it to Japan. The framework is a regimeswitching structural vector autoregression in which the monetary policy regime, chosen by the central bank responding to economic conditions, is endogenous and observable. QE is modeled as one of the regimes. The model incorporates an exit condition for terminating QE. We find that higher reserves at the effective lower bound raise inflation and output, and that terminating QE may be contractionary or expansionary, depending on the state of the economy at the point of exit.
Schlagwörter: 
Effective lower bound
structural vector autoregression
monetary policy
Taylor rule
impulse responses
Bank of Japan
JEL: 
C13
C32
C54
E52
E58
Persistent Identifier der Erstveröffentlichung: 
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