The Effectiveness of the Negative Interest Rate Policy in Japan : An Early Assessment

Material type: 文書・図像類

Author: Honda, Yuzoほか

Publisher: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University

Publication date: 2017-03

Material Format: Paper

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Note (General)：: This paper examines the effects of the negative interest rate policy (NIRP) introduced by the Bank of Japan in January 2016. It has effectively stimul...

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Paper

Material Type: 文書・図像類
Title: The Effectiveness of the Negative Interest Rate Policy in Japan : An Early Assessment
Author/Editor: Honda, Yuzo
Inoue, Hitoshi
Author Heading: Honda, Yuzo
https://nrid.nii.ac.jp/nrid/1000080137249
Inoue, Hitoshi
https://nrid.nii.ac.jp/nrid/1000010545057
Publication, Distribution, etc.: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
Publication Date: 2017-03
Publication Date (W3CDTF): 2017-03
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 17-02
Volume: 17-02
Pages: 1-29
Text Language Code: eng
Subject Heading: Negative Interest Rates
Residential/Nonresidential Investment
Foreign Exchange Rates
Target Audience: 一般
Note (General): This paper examines the effects of the negative interest rate policy (NIRP) introduced by the Bank of Japan in January 2016. It has effectively stimulated private residential investment, and in lowering long-term interest rates, it has likely supported private nonresidential investment. There is also reason to believe that it likely stopped the appreciation of the yen and arrested the downward trend in Japanese stock prices around August 2016. Overall, we find that the NIRP has had expansionary effects, and therefore serves as a legitimate policy tool in alleviating Japan’s zero-interest rate lower bound, notwithstanding some potential negative side effects.
Periodical Title (NCID): AA1160366X
https://ci.nii.ac.jp/ncid/AA1160366X
References (URI): URI
http://www2.econ.osaka-u.ac.jp/library/global/dp/1702.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華