A flow of funds analysis of the US quantitative easing

Kazusuke Tsujimura and Masako Tsujimura

Economic Systems Research, 2018, vol. 30, issue 2, 137-177

Abstract: After the Bank of Japan first introduced a quantitative easing policy in 2001, Tsujimura and Mizoshita [(2003) Asset-Liability-Matrix Analysis Derived From Flow-of-Funds Accounts: the Bank of Japan’s Quantitative Monetary Policy Examined. Economic Systems Research, 15, 51–67] applied input–output analysis to analyze its effects. Some central bankers criticized the analysis as misleading because it was based on the asset–liability matrix derived from the financial balance sheets. In this vein, the real policy effects on production and employment were overlooked. Herein, we answer such criticism by introducing a new method of tracking the flow of funds. It covers both real and financial transactions to show the mechanism and the effects of the US quantitative easing.

Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/09535314.2018.1443908 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:ecsysr:v:30:y:2018:i:2:p:137-177

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/CESR20

DOI: 10.1080/09535314.2018.1443908

Access Statistics for this article

Economic Systems Research is currently edited by Bart Los and Manfred Lenzen

More articles in Economic Systems Research from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().