English, Article, Journal or magazine article edition: Identifying Monetary Policy Shocks in Japan Etsuro Shioji

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Bookmark: http://trove.nla.gov.au/version/153393
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Identifying Monetary Policy Shocks in Japan
Author
  • Etsuro Shioji
Physical Description
  • preprint
Notes
  • It is sometimes argued that the central banks influence the private economy in the short run through controlling a specific component of high powered money, not its total amount. Using a structural VAR approach, this paper evaluates this claim empirically, in the context of the Japanese economy. I estimate a model based on the standard view that the central bank controls the total amount of high powered money, and another model based on the alternative view that it controls only a specific component. It is shown that the former yields much more sensible estimates than the latter.
  • Monetary policy, structural VAR, identification
  • RePEc:upf:upfgen:216
Language
  • English
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