Paper #216

Título:

Identifying monetary policy shocks in Japan

Autor:

Etsuro Shioji

Fecha:

Abril 1997

Resumen:

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.

Palabras clave:

Monetary policy, structural VAR, identification

Códigos JEL:

E52, E58, C32

Área de investigación:

Macroeconomía y Economía Internacional

Publicado en:

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

Descargar el paper en formato PDF