The Bank of Japan’s balance sheet

Kosuke Aoki

Chapter 3 in Research Handbook of Financial Markets, 2023, pp 56-78 from Edward Elgar Publishing

Abstract: The Bank of Japan (BOJ) has significantly changed both the size and composition of its balance sheet, reflecting the evolution of its unconventional monetary policy since the collapse of the asset price bubble in the early 1990s. The empirical literature suggests that the BOJ’s policy has been highly effective in controlling long-term interest rates and changing asset prices. While its effect on aggregate demand is found to be positive, its effect on inflation expectations and aggregate inflation remain weaker than that on aggregate demand.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2023
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