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Tobin fs q as a transmission channel for nontraditional monetary policy: The case of Japan

Author

Listed:
  • Yuzo Honda

    (Kansai University)

  • Minoru Tachibana

    (Osaka Prefectural University)

Abstract

The purpose of this paper is to provide objective statistical evidence on the effectiveness of nontraditional monetary policy. The quantitative easing monetary policy, adopted by the Bank of Japan for the period from March 2001 to March 2006, had a stimulating effect on investment and production at least through the Tobin fs q channel.

Suggested Citation

  • Yuzo Honda & Minoru Tachibana, 2012. "Tobin fs q as a transmission channel for nontraditional monetary policy: The case of Japan," Discussion Papers in Economics and Business 12-16, Osaka University, Graduate School of Economics.
    • Handle: RePEc:osk:wpaper:1216
    as

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    File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/1216.pdf
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    References listed on IDEAS

    as
    1. Yuzo Honda & Yoshihiro Kuroki & Minoru Tachibana, 2007. "An Injection Of Base Money At Zero Interest Rates: Empirical Evidence From The Japanese Experience 2001-2006," Discussion Papers in Economics and Business 07-08, Osaka University, Graduate School of Economics.
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    Cited by:

    1. Christopher E.S. WARBURTON & Richard BOOSE, 2015. "Monetary Policy, Financial Risk Mitigation And Unemployment In The United States," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 15(2), pages 81-98.

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    More about this item

    Keywords

    Quantitative easing; Stock prices; Newly issued stocks; Investment; Vector autoregression;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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