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Did quantitative easing by the Bank of Japan "work"?

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Author Info
Mark M. Spiegel

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Abstract

The success, or lack thereof, of the Bank of Japan's quantitative easing program is of interest not only as an important experience in Japanese economic history, but more generally as an unprecedented experiment in monetary policy under very low nominal interest rates. In this Economic Letter, I review the evidence that has emerged to date concerning the impact of the quantitative easing policy.

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Publisher Info
Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2006)
Issue (Month): Oct 20 ()
Pages:
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Handle: RePEc:fip:fedfel:y:2006:i:oct20:n:2006-28

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Related research
Keywords: Monetary policy - Japan ; Interest rates - Japan ; Bank of Japan ; Banks and banking - Japan;

References listed on IDEAS
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  1. Takeshi Kobayashi & Mark Spiegel & Nobuyoshi Yamori, 2006. "Quantitative easing and Japanese bank equity values," Working Paper Series 2006-19, Federal Reserve Bank of San Francisco. [Downloadable!]
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  2. Naohiko Baba & Shinichi Nishioka & Nobuyuki Oda & Masaaki Shirakawa & Kazuo Ueda & Hiroshi Ugai, 2005. "Japan's deflation, problems in the financial system and monetary policy," BIS Working Papers 188, Bank for International Settlements. [Downloadable!]
  3. Alan J. Auerbach & Maurice Obstfeld, 2005. "The Case for Open-Market Purchases in a Liquidity Trap," American Economic Review, American Economic Association, vol. 95(1), pages 110-137, March. [Downloadable!]
    Other versions:
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This page was last updated on 2009-12-9.


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