this relationship. We use micro data for Japan, which has experienced low interest rates for a prolonged period, to …

To what extent did the Bank of Japan's liquidity facilities for corporate financing reduce commercial paper (CP) issue …-rates in Japan? To answer this question, we propose a simple structural model that illustrates the market for the CP operations …, including the period after the Bank of Japan introduced the outright purchase of CP and its special funds-supplying operation …

We study the term structure of interest rates and monetary policy in Japan empirically, using a macro-finance model. In … particular, we investigate whether or not Japan's low long-term interest rates can be explained with economic rationality by … commitment by the Bank of Japan. We are also interested in the estimation of the macroeconomic structure based not only on …

To what extent did the Bank of Japan's liquidity provisions reduce the premium on money market rates over the year … 2006 to 2008, reflecting the fact that the Bank of Japan had significantly expanded liquidity provisions in response to the …-ends in Japan? To answer this question, we propose a simple structural model that illustrates the year-end operations and the …

. However, there are few studies which estimate Japan's equilibrium rate because of its persistent low interest rate. We … approximated with the long-run expected nominal output growth rate; 2) the Bank of Japan's commitments successfully lowered yields …

Department, Bank of Japan. Q-JEM is a large-scale hybrid-type macroeconomic model that pursues both long-run theoretical … of Japan's economy, including inflation dynamics, the zero lower bound on nominal interest rates, linkages with overseas …