Tobin fs q as a transmission channel for nontraditional monetary policy: The case of Japan

Yuzo Honda () and Minoru Tachibana
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Yuzo Honda: Kansai University

No 12-16, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: The purpose of this paper is to provide objective statistical evidence on the effectiveness of nontraditional monetary policy. The quantitative easing monetary policy, adopted by the Bank of Japan for the period from March 2001 to March 2006, had a stimulating effect on investment and production at least through the Tobin fs q channel.

Keywords: Quantitative easing; Stock prices; Newly issued stocks; Investment; Vector autoregression (search for similar items in EconPapers)
JEL-codes: E51 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2012-09
New Economics Papers: this item is included in nep-mac and nep-mon
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Citations: View citations in EconPapers (1)

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