Paper #216

Títol:

Identifying monetary policy shocks in Japan

Autor:

Etsuro Shioji

Data:

Abril 1997

Resum:

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.

Paraules clau:

Monetary policy, structural VAR, identification

Codis JEL:

E52, E58, C32

Àrea de Recerca:

Macroeconomia i Economia Internacional

Publicat a:

Journal of the Japanese and International Economies, Volume 14, Number 1, March 2000, pp. 22-42(21)

Descarregar el paper en format PDF