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

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  • 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 Tobinfs q channel.

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File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/1216.pdf
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Bibliographic Info

Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 12-16.

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Length: 14 pages
Date of creation: Sep 2012
Date of revision:
Handle: RePEc:osk:wpaper:1216

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Web page: http://www.econ.osaka-u.ac.jp/
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Keywords: Quantitative easing; Stock prices; Newly issued stocks; Investment; Vector autoregression;

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  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 and Osaka School of International Public Policy (OSIPP).
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