2014
DOI: 10.2139/ssrn.2521335
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Effectiveness of the Easing of Monetary Policy in the Japanese Economy, Incorporating Energy Prices

Abstract: Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in… Show more

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Cited by 7 publications
(6 citation statements)
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“…One theory to explain the ineffectiveness of the monetary policy is mentioned by Yoshino and Sakakibara (), Yoshino and Taghizadeh‐Hesary () and Yoshino, Taghizadeh‐Hesary, & Tawk (). The investment–saving curve (IS) became vertical due to low level of marginal productivity of capital; therefore, when the monetary policy changed the liquidity preference and money supply curve (LM), private investment does not grow despite very low interest rates.…”
Section: Resultsmentioning
confidence: 99%
“…One theory to explain the ineffectiveness of the monetary policy is mentioned by Yoshino and Sakakibara (), Yoshino and Taghizadeh‐Hesary () and Yoshino, Taghizadeh‐Hesary, & Tawk (). The investment–saving curve (IS) became vertical due to low level of marginal productivity of capital; therefore, when the monetary policy changed the liquidity preference and money supply curve (LM), private investment does not grow despite very low interest rates.…”
Section: Resultsmentioning
confidence: 99%
“…In developing this model we used Taghizadeh-Hesary and Yoshino (2013) and Yoshino and Taghizadeh-Hesary (2015) as a reference. In their model, they assumed that oil price movements transfer to macro variables through either supply (aggregate supply curve) or demand channels (aggregate demand curve).…”
Section: Modelmentioning
confidence: 99%
“…Equation 10 presents the complete structure of the SEM, which corresponds to the theoretical model presented in Figure 1 earlier. Examples of such structures include those developed by Yoshino and Taghizadeh-Hesary (2015), Galí (2010), and Galí and Gertler (2007). Given the SEM, one could possibly look at the effectiveness of monetary and fiscal policy in affecting the real GDP.…”
Section: The Empirical Framework For Semmentioning
confidence: 99%