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Identifying Monetary Policy Shocks in Japan

  • Shioji, Etsuro

It is sometimes argued that the central banks influence the private economy in the short run through controlling a specific component of high powered money, not its total amount. Using a structural VAR approach, this paper evaluates this claim empirically, in the context of the Japanese economy. I estimate a model based on the standard view that the central bank controls the total amount of high powered money, and another model based on the alternative view that it controls only a specific component. It is shown that the former yields much more sensible estimates than the latter.

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File URL: http://www.sciencedirect.com/science/article/B6WMC-45F4YC7-M/2/b0e1ba7d4ca693305fed95a5eb2c38b3
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Article provided by Elsevier in its journal Journal of the Japanese and International Economies.

Volume (Year): 14 (2000)
Issue (Month): 1 (March)
Pages: 22-42

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Handle: RePEc:eee:jjieco:v:14:y:2000:i:1:p:22-42
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622903

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  1. Marvin Goodfriend, 1981. "Discount window borrowing, monetary policy, and the post-October 6, 1979 Federal Reserve operating procedure," Working Paper 81-02, Federal Reserve Bank of Richmond.
  2. Takatoshi Ito, 1989. "Is the Bank of Japan a Closet Monetarist? Monetary Targeting in Japan, 1978-1988," NBER Working Papers 2879, National Bureau of Economic Research, Inc.
  3. Ben S. Bernanke & Ilian Mihov, 1995. "Measuring Monetary Policy," NBER Working Papers 5145, National Bureau of Economic Research, Inc.
  4. Olivier J. Blanchard & Mark W. Watson, 1984. "Are Business Cycles All Alike?," NBER Working Papers 1392, National Bureau of Economic Research, Inc.
  5. David B. Gordon & Eric M. Leeper, 1993. "The dynamic impacts of monetary policy: an exercise in tentative identification," Working Paper 93-5, Federal Reserve Bank of Atlanta.
  6. Richard Clarida & Mark Gertler, 1996. "How the Bundesbank Conducts Monetary Policy," NBER Working Papers 5581, National Bureau of Economic Research, Inc.
  7. Kenneth D. West, 1991. "An Aggregate Demand - Aggregate Supply Analysis of Japanese Monetary Policy, 1973-1990," NBER Working Papers 3823, National Bureau of Economic Research, Inc.
  8. Eric M. Leeper & Christopher A. Sims & Tao Zha, 1996. "What Does Monetary Policy Do?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 1-78.
  9. Kim, Soyoung, 1999. "Do monetary policy shocks matter in the G-7 countries? Using common identifying assumptions about monetary policy across countries," Journal of International Economics, Elsevier, vol. 48(2), pages 387-412, August.
  10. Kazuo Ueda, 1993. "A Comparative Perspective on Japanese Monetary Policy: Short-Run Monetary Control and the Transmission Mechanism," NBER Chapters, in: Japanese Monetary Policy, pages 7-30 National Bureau of Economic Research, Inc.
  11. Kenneth Kasa & Helen Popper, 1995. "Monetary policy in Japan: a structural VAR analysis," Pacific Basin Working Paper Series 95-12, Federal Reserve Bank of San Francisco.
  12. Bernanke, Ben S., 1986. "Alternative explanations of the money-income correlation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25(1), pages 49-99, January.
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