Baba, Naohiko; Nakashima, Motoharu; Shigemi, Yousuke; … - Center for International Research on the Japanese … - 2005
Using the interest rates on Negotiable Certificate of Deposit issued by individual banks, we first show that under the Bank of Japan's Zero Interest Rate Policy and Quantitative Monetary Easing Policy, not just the levels of money market rates but also the dispersion of rates across banks have...