金融政策における運営目標の選択 : Monetary Combination Policyの実証分析の試み

概要

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This paper makes an econometric analysis of the monetary combination policy proposed by Poole [1970], and examines changes in the choice of operating target in monetary policy. The combination policy theory explains changes in the operating target choice with changes in the uncertainties of the economy. This paper uses GARCH, and estimates a simple macro model and the policy rule as a system by using Japanese monthly data. The estimation results show that the Bank of Japan shifts its emphasis toward the money supply control in the oil crisis periods, and that such shifts are due to the increases in the aggregate supply uncertainty.
関西学院大学の論文