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The Welfare Implications of Massive Money Injection : The Japanese Experience from 2013 to 2020
http://hdl.handle.net/2261/00079658
http://hdl.handle.net/2261/00079658c497dbb6-5b05-4f4d-9475-f484ecac0530
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
cb-wp028.pdf (368.9 kB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
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| 公開日 | 2020-09-17 | |||||
| タイトル | ||||||
| タイトル | The Welfare Implications of Massive Money Injection : The Japanese Experience from 2013 to 2020 | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
Watanabe, Tsutomu
× Watanabe, Tsutomu |
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| 著者所属 | ||||||
| 著者所属 | Graduate School of Economics, University of Tokyo | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This paper derives a money demand function that explicitly takes the costs of storing money into account. This function is then used to examine the consequences of the large-scale money injection conducted by the Bank of Japan since April 2013. The main findings are as follows. First, the opportunity cost of holding money calculated using 1-year government bond yields has been negative since the fourth quarter of 2014, and most recently (2020:Q2) was –0.2%. Second, the marginal cost of storing money, which was 0.3% in the most recent quarter, exceeds the marginal utility of money, which was 0.1%. Third, the optimum quantity of money, measured by the ratio of M1 to nominal GDP, is 1.2. In contrast, the actual money-income ratio in the most recent quarter was 1.8. The welfare loss relative to the maximum welfare obtained under the optimum quantity of money in the most recent quarter was 0.2% of nominal GDP. The findings imply that the Bank of Japan needs to reduce M1 by more than 30%, for example through measures that impose a penalty on holding money. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | Publiser's another name: JSPS Grants-in-Aid for Scientific Research (S) Central Bank Communication Design | |||||
| 書誌情報 |
Working Papers on Central Bank Communication 巻 028, 発行日 2020-09-17 |
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| 著者版フラグ | ||||||
| 値 | publisher | |||||
| 出版者 | ||||||
| 出版者 | Research Project on Central Bank Communication | |||||
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| 識別子タイプ | URI | |||||
| 関連識別子 | https://www.centralbank.e.u-tokyo.ac.jp/category/research-data/ | |||||
| 関連名称 | https://www.centralbank.e.u-tokyo.ac.jp/category/research-data/ | |||||
