Identifying monetary policy shocks in Japan

Etsuro Shioji

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: It is sometimes argued that the 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. I estimate 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: Monetary policy; structural VAR; identification (search for similar items in EconPapers)
JEL-codes: C32 E52 E58 (search for similar items in EconPapers)
Date: 1997-04
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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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Persistent link: https://EconPapers.repec.org/RePEc:upf:upfgen:216

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