Effects of Unconventional Monetary Policy and Inflation Target

Kosuke Aoki ()
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Kosuke Aoki: University of Tokyo

Chapter Chapter 1 in Monetary Policies in the Age of Uncertainty, 2021, pp 1-11 from Springer

Abstract: Abstract This chapter discusses effects of unconventional monetary policy on bank lending in Japan and argues that the Bank of Japan’s unconventional monetary policy increased bank loan supply by suppressing the long-term interest rates of Japanese government bonds (JGBs). When the interest rates of JGBs decline, banks substitute loans to firms for JGBs in their asset portfolios. The chapter also discusses the desirability of the 2% inflation target of from a theoretical point of view.

Keywords: Unconventional monetary policy; Bank loan supply; Inflation target (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spbchp:978-981-16-4146-6_1

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DOI: 10.1007/978-981-16-4146-6_1

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