Arbeitspapier

Real effects of quantitative easing at the zero-lower bound: Structural VAR-based evidence from Japan

Using post-1995 Japanese data we propose a theory-based sign-restriction SVAR approach to identify monetary policy shocks when the economy is at the zero-lower bound. The identifying restrictions accord with predictions of corresponding DSGE models. Our results show that while a quantitative easing shock leads to a significant but temporary rise in output, the effect on inflation is not significantly different from zero. This suggests that while the Japanese Quantitative Easing experiment was successful in stimulating real activity in the shortrun, it did not lead to any increase in inflation. These results are interesting not only for Japan, but also for other advanced economies where monetary policy is currently constrained by the ZLB.

Sprache
Englisch

Erschienen in
Series: CESifo Working Paper ; No. 3486

Klassifikation
Wirtschaft
Interest Rates: Determination, Term Structure, and Effects
Money Supply; Credit; Money Multipliers
Monetary Policy
Central Banks and Their Policies
Thema
Geldpolitik
Wirkungsanalyse
Konjunktur
VAR-Modell
Schätzung
Japan

Ereignis
Geistige Schöpfung
(wer)
Schenkelberg, Heike
Watzka, Sebastian
Ereignis
Veröffentlichung
(wer)
Center for Economic Studies and ifo Institute (CESifo)
(wo)
Munich
(wann)
2011

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Schenkelberg, Heike
  • Watzka, Sebastian
  • Center for Economic Studies and ifo Institute (CESifo)

Entstanden

  • 2011

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