haku: @indexterm Monetary economics / yhteensä: 201
viite: 16 / 201
| Tekijä: | Morsink, J. Bayoumi, T. |
| Otsikko: | A peek inside the black box: the monetary transmission mechanism in Japan |
| Lehti: | IMF Staff papers
2001 : VOL. 48:1, p. 22-57 |
| Asiasana: | Monetary theory Monetary economics Vector autoregression models Japan |
| Kieli: | eng |
| Tiivistelmä: | The paper uses vector autoregressions to examine the monetary transmission mechanism in Japan. The empirical results indicate that both monetary policy and banks' balance sheets are important sources of shocks, that banks play a crucial role in transmitting monetary shocks to economic activity, that corporations and households have been able to substitute borrowing from other sources for a shortfall in bank borrowing, and that business investment is especially sensitive to monetary shocks. The authors conclude that policy measures to strengthen banks are probably a prerequisite to restoring the effectiveness of th emonetary transmission mechanism. |
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