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...