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Effects of Unconventional Monetary Policy and Inflation Target

In: Monetary Policies in the Age of Uncertainty

Author

Listed:
  • Kosuke Aoki

    (University of Tokyo)

Abstract

This chapter discusses effects of unconventional monetary policy on bank lending in Japan and argues that the Bank of Japan’s unconventional monetary policy increased bank loan supply by suppressing the long-term interest rates of Japanese government bonds (JGBs). When the interest rates of JGBs decline, banks substitute loans to firms for JGBs in their asset portfolios. The chapter also discusses the desirability of the 2% inflation target of from a theoretical point of view.

Suggested Citation

  • Kosuke Aoki, 2021. "Effects of Unconventional Monetary Policy and Inflation Target," SpringerBriefs in Economics, in: Monetary Policies in the Age of Uncertainty, chapter 0, pages 1-11, Springer.
  • Handle: RePEc:spr:spbchp:978-981-16-4146-6_1
    DOI: 10.1007/978-981-16-4146-6_1
    as

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