Monetary Policy Under the Zero Interest Rate Constraint and Balance Sheet Adjustment
There are two contrasting evaluations of the conduct of Japan's monetary policy since the early 1990s. One is that monetary policy has not been eased enough to promote economic recovery in Japan. The other is that, since monetary policy has already been substantially eased, further easing would not contribute to economic recovery, but would rather delay the progress of structural reform that is a prerequisite for sustainable economic growth. With these evaluations in mind, this paper examines the effect of monetary policy in general and the effect of so-called "quantitative easing" in particular when nominal short-term interest rates are zero and balance sheet adjustment is in progress. Copyright 2001 by Blackwell Publishers Ltd.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 4 (2001)
Issue (Month): 3 (Winter)
|Contact details of provider:|| Web page: http://www.blackwellpublishing.com/journal.asp?ref=1367-0271|
|Order Information:||Web: http://www.blackwellpublishing.com/subs.asp?ref=1367-0271|
When requesting a correction, please mention this item's handle: RePEc:bla:intfin:v:4:y:2001:i:3:p:463-89. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.