Hayashi, Fumio; Koeda, Junko - In: Quantitative Economics 10 (2019) 3, pp. 1069-1107
the central bank responding to economic conditions, is endogenous and observable. QE is modeled as one of the regimes. The …We propose an empirical framework for analyzing the macroeconomic effects of quantitative easing (QE) and apply it to … Japan. The framework is a regimeswitching structural vector autoregression in which the monetary policy regime, chosen by …