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Time varying pass-through : Will the yen depreciation help Japan hit the inflation target?
http://hdl.handle.net/2261/56537
http://hdl.handle.net/2261/56537ee79ab72-d816-4d76-8df9-c6dd79372ab6
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
wp068.pdf (294.3 kB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2015-05-11 | |||||
| タイトル | ||||||
| タイトル | Time varying pass-through : Will the yen depreciation help Japan hit the inflation target? | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | exchange rate | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | pass-through | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | expected inflation | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | CPI by purchase frequency class | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | time series analysis | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL classification：F41，E31 | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
Shioji, Etsuro
× Shioji, Etsuro |
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| 著者所属 | ||||||
| 著者所属 | Department of Economics, Hitotsubashi University | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | There is a growing recognition that pushing up the public’s inflation expectation is a key to a successful escape from a chronic deflation. The question is how this can be achieved when the economy is stuck in a liquidity trap. This paper argues that, for Japan, the currency depreciation since the late 2012 could turn out to be useful for ending the country’s long battle with falling prices. Prior studies have suggested that household expectations are greatly influenced by prices of items that they purchase frequently. This paper demonstrates that the extent of exchange rate pass-through to those prices, once near-extinct, has come back strong in recent years. Evidence based on VARs as well as TVP-VARs indicates that a 25% depreciation of the yen would produce a 2% increase in the prices of goods that households purchase regularly. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 2012～2016年度科学研究費補助金[基盤研究(S)]「長期デフレの解明」(研究代表者 東京大学経済学研究科・渡辺努, 課題番号：24223003) | |||||
| 書誌情報 |
JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series 巻 068, 発行日 2015-03 |
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| 出版者 | ||||||
| 出版者 | UTokyo Price Project | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.price.e.u-tokyo.ac.jp/researchdata/ | |||||
