{"created":"2021-03-01T07:14:55.929599+00:00","id":53412,"links":{},"metadata":{"_buckets":{"deposit":"355974d2-0c10-493b-bdcf-b7c78b68c169"},"_deposit":{"id":"53412","owners":[],"pid":{"revision_id":0,"type":"depid","value":"53412"},"status":"published"},"_oai":{"id":"oai:repository.dl.itc.u-tokyo.ac.jp:00053412","sets":["62:7892","9:7435:7439"]},"item_8_biblio_info_7":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2019-09-20","bibliographicIssueDateType":"Issued"},"bibliographicVolumeNumber":"013","bibliographic_titles":[{"bibliographic_title":"Working Papers on Central Bank Communication"}]}]},"item_8_description_5":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"This paper estimates a money demand function using Japanese data from 1985 to 2017, which includes the period of near-zero interest rates over the last two decades. We compare a log-log specification and a semi-log specification by employing the methodology proposed by Kejriwal and Perron (2010) on cointegrating relationships with structural breaks. Our main finding is that there exists a cointegrating relationship with a single break between the money-income ratio and the interest rate in the case of the log-log form but not in the case of the semi-log form. More specifically, we show that the substantial increase in the money-income ratio during the period of near-zero interest rates is well captured by the log-log form but not by the semi-log form. We also show that the demand for money did not decline in 2006 when the Bank of Japan terminated quantitative easing and started to raise the policy rate, suggesting that there was an upward shift in the money demand schedule. Finally, we find that the welfare gain from moving from 2 percent inflation to price stability is 0.10 percent of nominal GDP, which is more than six times as large as the corresponding estimate for the United States.","subitem_description_type":"Abstract"}]},"item_8_description_6":{"attribute_name":"内容記述","attribute_value_mlt":[{"subitem_description":"Publisher's another name: JSPS Grants-in-Aid for Scientific Research (S) Central Bank Communication Design","subitem_description_type":"Other"},{"subitem_description":"JEL Classification Numbers: C22; C52; E31; E41; E43; E52","subitem_description_type":"Other"}]},"item_8_publisher_20":{"attribute_name":"出版者","attribute_value_mlt":[{"subitem_publisher":"Research Project on Central Bank Communication"}]},"item_8_relation_25":{"attribute_name":"関係URI","attribute_value_mlt":[{"subitem_relation_type_id":{"subitem_relation_type_id_text":"http://www.centralbank.e.u-tokyo.ac.jp/en/category/research-data/","subitem_relation_type_select":"URI"}}]},"item_8_select_14":{"attribute_name":"著者版フラグ","attribute_value_mlt":[{"subitem_select_item":"publisher"}]},"item_8_text_4":{"attribute_name":"著者所属","attribute_value_mlt":[{"subitem_text_value":"Graduate School of Economics, University of Tokyo"},{"subitem_text_value":"Faculty of Business and Commerce, Keio University"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"Watanabe, Tsutomu"}],"nameIdentifiers":[{"nameIdentifier":"158588","nameIdentifierScheme":"WEKO"}]},{"creatorNames":[{"creatorName":"Yabu, Tomoyoshi"}],"nameIdentifiers":[{"nameIdentifier":"158589","nameIdentifierScheme":"WEKO"}]}]},"item_files":{"attribute_name":"ファイル情報","attribute_type":"file","attribute_value_mlt":[{"accessrole":"open_date","date":[{"dateType":"Available","dateValue":"2019-09-24"}],"displaytype":"detail","filename":"cb-wp013.pdf","filesize":[{"value":"485.4 kB"}],"format":"application/pdf","licensetype":"license_note","mimetype":"application/pdf","url":{"label":"cb-wp013.pdf","url":"https://repository.dl.itc.u-tokyo.ac.jp/record/53412/files/cb-wp013.pdf"},"version_id":"55b09f4f-ca77-4e60-b5e3-8d15060480bf"}]},"item_keyword":{"attribute_name":"キーワード","attribute_value_mlt":[{"subitem_subject":"money demand function","subitem_subject_scheme":"Other"},{"subitem_subject":"cointegration","subitem_subject_scheme":"Other"},{"subitem_subject":"structural breaks","subitem_subject_scheme":"Other"},{"subitem_subject":"zero lower bound","subitem_subject_scheme":"Other"},{"subitem_subject":"welfare cost of inflation","subitem_subject_scheme":"Other"},{"subitem_subject":"log-log form","subitem_subject_scheme":"Other"},{"subitem_subject":"semi-log form","subitem_subject_scheme":"Other"},{"subitem_subject":"interest elasticity of money demand","subitem_subject_scheme":"Other"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"eng"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"technical report","resourceuri":"http://purl.org/coar/resource_type/c_18gh"}]},"item_title":"How Large is the Demand for Money at the ZLB? Evidence from Japan","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"How Large is the Demand for Money at the ZLB? Evidence from Japan"}]},"item_type_id":"8","owner":"1","path":["7892","7439"],"pubdate":{"attribute_name":"公開日","attribute_value":"2019-09-24"},"publish_date":"2019-09-24","publish_status":"0","recid":"53412","relation_version_is_last":true,"title":["How Large is the Demand for Money at the ZLB? Evidence from Japan"],"weko_creator_id":"1","weko_shared_id":2},"updated":"2022-12-19T04:38:45.954739+00:00"}