Effects of Monetary and Fiscal Policy Interactions on Regional Employment: Evidence from Japan

Tomomi Miyazaki and Haruo Kondoh
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Haruo Kondoh: Department of Economics, Seinan Gakuin University

No 2206, Discussion Papers from Graduate School of Economics, Kobe University

Abstract: This study examines the effects of the interaction between unconventional monetary policy and fiscal stimulus on regional employment in Japan. A mixed vector autoregressions (VARs)/event study approach is used. Our empirical findings first show that whereas employment recovery was salient in western Japan, it was not the case in Tokyo metropolitan areas, the country’s main economic hub. Second, we confirm employment recovery on female employees in all regions. However, we do not observe this on male employees, implying the policy interaction did not necessarily increase the number of regular workers, which might suppress a wage hike in the entire country.

Pages: 78 pages
Date: 2022-03
New Economics Papers: this item is included in nep-cba, nep-geo, nep-mac, nep-mon and nep-ure
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