Estimating Taylor-Rule-Type Policy Reaction Functions for Recent Japan

概要

論文の詳細を見る
This paper aims to examine the validity of the monetary policy in recent Japan through the estimations of Taylor-rule-type policy reaction functions. First, the simulation for deriving the optimal path of the call rate with the Taylor-rule-type reaction function is conducted. The result shows that the actually observed call rate constantly deviated from that of the estimated optimal path. Second, the result of the estimation based on the other type of the Taylor-rule-type specification implies that the policy of the Bank of Japan in 1990s was not always forward-looking. On the whole, the empirical studies show that the monetary policy of the Bank of Japan was conducted with some room for being improved in regard to the interest rate control and to the management of policy objectives since the 1980s.
埼玉大学の論文
2005-09-30