Money and Economic Activity in Japan, 1957-1998 : A Structural VAR Approach
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概要
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This paper investigates the causal relationships from several monetary aggregates or the short-term interest rate (call rate) to real economic activity in Japan, 1957 through 1998, as well as the controllability of some measures of money supply using the structural VAR method and the concept of money multipliers. Three main conclusions are that the the best indicators (or measures) of monetary policy in Japan were broader money supply M2 and commercial bank lendings, that the causal relationship from the call rate to output was weaker, and that M2 can be controlled through adjustments of total base money and bank reserves.
- 千葉大学の論文
- 2003-06-25
著者
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