supply determination process is endogenous with an unstable money multiplier for Japan for M1. However, this endogeneity in …This study re-investigates the money supply determination process for Japan. The methodology of this study, which … supply and monetary base via money multiplier. To this aim, the nonlinear autoregressive distributed lag (ARDL) model by Shin …

interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United … impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation …