[1] Alpanda, S. and S. Kabaca (2015), “International Spillovers of Large-Scale Asset Purchases, â€Bank of Canada Working Paper, No. 2015-2.
- [11] D’ Amico, S. and T. King (2013), “Flow and Stock Eects of Large-Scale Treasury Purchases: Evidence on the Importance of Local Supply,â€Journal of Financial Economics, 108(2): 425-448.
Paper not yet in RePEc: Add citation now
[12] De Santis, R. and F. Holm-Hadulla (2017), “Flow Eects of Central Bank Asset Purchases on Euro Area Sovereign Bond Yields: Evidence from a Natural Experiment,†European Central Bank Working Paper Series, 2052.
[13] Del Negro, M., D. Giannone, M. Giannoni, and A. Tambalotti (2017), “Safety, Liquidity, and the Natural Rate of Interest,†Federal Reserve Bank of New York, Sta Report, No. 812.
[14] Eggertsson, G. and M. Woodford (2003), “The Zero Bound on Interest Rates and Optimal Monetary Policy,â€Brookings Papers on Economic Activity, 34(1): 139-211.
[15] Fueki, T., I. Fukunaga, H. Ichiue, and T. Shirota (2016), “Measuring Potential Growth with an Estimated DSGE Model of Japan’ s Economy,â€International Journal of Central Banking, 12(1): 1-32.
[16] Fukunaga, I., N. Kato, and J. Koeda (2015), “Maturity Structure and Supply Factors in Japanese Government Bond Markets,â€Monetary and Economic Studies, 33: 45-96.
[18] Harrison, R. (2012), “Asset Purchase Policy at the Eective Lower Bound for Interest Rates,â€Bank of England Working Paper, 444.
[19] Harrison, R. (2017), “Optimal Quantitative Easing,â€Bank of England Working Paper, 678.
[20] Hausman, J. and J. Wieland (2014), “Abenomics: Preliminary Analysis and Outlook,†Brookings Papers on Economic Activity, 48(1): 1-76.
[24] Katagiri, M. and K. Takahashi (2017), “Do Term Premiums Matter? Transmission via Exchange Rate Dynamics,â€Bank of Japan Working Paper Series, No. 17-E-7.
- [25] Keynes, J. M. (1933), An Open Letter to President Roosevelt.
Paper not yet in RePEc: Add citation now
[26] Kolasa, M. and G. Weso÷ owskiz (2017), “International Spillovers of Quantitative Easing, â€mimeo.
[27] Krishnamurthy, A. and A. Vissing-Jorgensen (2011), “The Eects of Quantitative Easing on Interest Rates: Channels and Implications for Policy,†NBER Working Paper, No. 17555.
[28] Lam, W. R. (2011), “Bank of Japan’ s Monetary Easing Measures: Are They Powerful and Comprehensive?,â€IMF Working Paper, WP/11/264.
[29] Laseen, S. and L. Svensson (2011), “Anticipated Alternative Policy Rate Paths in Policy Simulations,â€International Journal of Central Banking, 7(3): 1-35.
- [3] Bank for International Settlements (2017), 87th Annual Report: 73-74.
Paper not yet in RePEc: Add citation now
- [30] Li, C. and M. Wei (2013), “Term Structure Modeling with Supply Factors and the Federal Reserve’ s Large-Scale Asset Purchase Programs,†International Journal of Central Banking, 9(1): 3– 39.
Paper not yet in RePEc: Add citation now
[32] Oda, N. and K. Ueda (2007), “The Eects of the Bank of Japan’ s Zero Interest Rate Commitment and Quantitative Monetary Easing on the Yield Curve: A MacroFinance Approach,â€Japanese Economic Review, 58(3): 303-328.
[33] Okazaki, Y. and N. Sudo (2018), “Natural Rate of Interest in Japan –Measuring its size and identifying drivers based on a DSGE model – ,â€Bank of Japan Working Paper Series, No. 18-E-6.
[34] Pelizzon, L., M. G. Subrahmanyam, R. Tobe, and J. Uno (2018), “Scarcity and Spotlight Eects on Liquidity and Yield: Quantitative Easing in Japan,â€IMES Discussion Paper Series, No. 2018-E-14.
[37] Swanson, E. (2011), “Let’ s Twist Again: A High-Frequency Event-Study Analysis of Operation Twist and Its Implications for QE2,†Brookings Papers on Economic Activity, Spring 2011: 151-188.
[39] Tobin, J. (1969), “A General Equilibrium Approach to Monetary Theory,â€Journal of Money, Credit and Banking, 1(1): 15-29.
[4] Bank of Japan (2016), “Comprehensive Assessment: Developments in Economic Activity and Prices as well as Policy Eects since the Introduction of Quantitative and Qualitative Monetary Easing (QQE).†[5] Bank of Japan, Monetary Aairs Department (2015), “Quantitative and Qualitative Monetary Easing: Assessment of Its Eects in the Two Years Since Its Introduction,†Bank of Japan Review Series, 15-E-3.
- [40] Ueda, K. (2012), “The Eectiveness of Non-Traditional Monetary Policy Measures: The Case of the Bank of Japan,â€Japanese Economic Review, 63(1): 1-22.
Paper not yet in RePEc: Add citation now
[41] Ugai, H. (2007), “Eects of the Quantitative Easing Policy: A Survey of Empirical Analyses,â€Monetary and Economic Studies, 25(1): 1-48.
[42] Van Binsbergen, J., J. Fernández-Villaverde, R. Koijen, and J. Rubio-RamÃrez (2012), “The Term Structure of Interest Rates in a DSGE Model with Recursive Preferences,†Journal of Monetary Economics, 59(7): 634-648.
- [6] Bernanke, B. (2014), “A Conversation: The Fed Yesterday, Today and Tomorrow,†Interview at the Brookings Institution.
Paper not yet in RePEc: Add citation now
[7] Borio, C. and A. Zabai (2016), “Unconventional Monetary Policies: A Re-appraisal,†BIS Working Papers, No. 570.
[8] Burlon, L., A. Gerali, A. Notarpietro and M. Pisani (2016), “Non-Standard Monetary Policy, Asset Prices and Macroprudential Policy in a Monetary Union,â€Temi di Discussione, No. 1089.
- Most of the settings of our model are borrowed from CCF (2012). What mainly dierentiates our model from CCF (2012) is that our model explicitly addresses ‡ ow eects in addition to stock eects, and incorporates terms for deposits Mu t and Mr t in transaction costs t. The remaining part of the model, in particular settings relating to the household sector and the government sector, are changed from the settings of CCF (2012) so as to be consistent with the changes in the form of transaction costs t. Because we have already explained about the household sector and the government sector in Section 2, we provide only the unexplained settings in this appendix.
Paper not yet in RePEc: Add citation now