Identifying Monetary Policy Shocks in Japan

Etsuro Shioji

No 1733, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: It is sometimes argued that central banks influence the private economy in the short run through controlling a specific component of high powered money, not its total amount. Using a structural VAR approach, this paper evaluates this claim empirically, in the context of the Japanese economy. It estimates a model based on the standard view that the central bank controls the total amount of high powered money, and another model based on the alternative view that it controls only a specific component. It is shown that the former yields much more sensible estimates than the latter.

Keywords: Identification; Monetary Policy; Structural VAR (search for similar items in EconPapers)
JEL-codes: C32 E52 E58 (search for similar items in EconPapers)
Date: 1997-10
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Identifying Monetary Policy Shocks in Japan (2000)
Working Paper: Identifying monetary policy shocks in Japan (1997)
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