Empirical analysis of the exchange rate channel in Japan

研究成果: Article査読

6 被引用数 (Scopus)

抄録

This paper analyzes the significance of the exchange rate channel, one of the transmission mechanisms of monetary policy. It is important to evaluate this channel for Japan because yen depreciation has been proposed as a policy to move the economy out of a liquidity trap. Our results suggest that, in the past, monetary expansion resulted in yen depreciation in the long- and short-run. However, there is no evidence to support the view that yen depreciation facilitated economic growth. Therefore, we conclude that use of the exchange rate as a mechanism to boost the real economy was, in our sample period at least, premature.

本文言語English
ページ(範囲)887-904
ページ数18
ジャーナルJournal of International Money and Finance
26
6
DOI
出版ステータスPublished - 2007 10
外部発表はい

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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