How Do Income and Bequest Taxes Affect Income Inequality? The Role of Parental Transfers

Osamu Nakamura ()
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Osamu Nakamura: International University of University, http://www.iuj.ac.jp/

No EMS_2013_11, Working Papers from Research Institute, International University of Japan

Abstract: This paper analyzes the effectiveness of non-traditional monetary policy measures implemented by the Bank of Japan (BOJ) based on the quantity theory of money. The reduced form equation regression results explain that quantity easing policy measures have very limited effects on the economy, especially on inflation under the zero lower bound on interest rates. Therefore, it is worth noting that stimulating the demand-side economy and hence money demand through credit creation is much important rather than the expansion of money stock under the zero percent interest rates policy. In other words, the new phase of monetary easing policy measures by the BOJ will not be effective to overcome the deflationary gap, although around one percent inflation will be observed in the second and third fiscal year, which is expected to be affected by rise in import price through yen depreciation, according to the scenario simulation in this study.

Keywords: non-traditional mone tary policy; money multiplier; quantitative easing (QE); quantity theory of money; inflation target policy (search for similar items in EconPapers)
JEL-codes: E43 E52 E58 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2013-08
New Economics Papers: this item is included in nep-mac, nep-mon and nep-pub
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