Nakajima, Jouchi; Shiratsuka, Shigenori; Teranishi, Yuki - Institute for Monetary and Economic Studies, Bank of Japan - 2010
In this paper, we explore the effects of the Bank of Japan's ( BOJ's) policy commitment under zero interest rates on the economy, by considering the transmission channel of altering private-sector expectations. To that end, we carry out a structural vector autoregression analysis on...