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Testing the error components model with non-normal disturbances

Honda, Yuzo - In: The review of economic studies 52 (1985) 4, pp. 681-690

Persistent link: https://www.econbiz.de/10001037234

Financial and Capital Markets' Responses to Changes in the Central Bank's Target Interest Rate: The Case of Japan

Honda, Yuzo; Kuroki, Yoshihiro - In: The economic journal : the journal of the Royal … 116 (2006) 513, pp. 812-842

Persistent link: https://www.econbiz.de/10007419547

AN INJECTION OF BASE MONEY AT ZERO INTEREST RATES: EMPIRICAL EVIDENCE FROM THE JAPANESE EXPERIENCE 2001-2006

Honda, Yuzo; Kuroki, Yoshihiro; Tachibana, Minoru - Graduate School of Economics, Osaka University - 2007

Many macroeconomists and policymakers have debated the effectiveness of the quantitative monetary-easing policy (QMEP) that was introduced in Japan in 2001. This paper measures the effect of the QMEP on aggregate output and prices, and examines its transmission mechanism, based on the vector...

Persistent link: https://www.econbiz.de/10005828381

Financial and Capital Markets' Responses to Changes in the Central Bank's Target Interest Rate: The Case of Japan

Honda, Yuzo; Kuroki, Yoshihiro - In: Economic Journal 116 (2006) 513, pp. 812-842

We propose new proxy variables for monetary policy shocks in Japan for the period from July 1989 to March 2001 and investigate the effects of changes in the policy target variable on stock prices and the term structure of interest rates. We find that changes in the surprise component of the...

Persistent link: https://www.econbiz.de/10005099488