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Revisiting Bank of Japan’s Policy Duration Commitment: Impact, Consequences and Challenges
https://doi.org/10.24545/00001166
https://doi.org/10.24545/00001166a3656f03-eec7-423f-bb2e-ef800a82b8d4
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
DP14-25.pdf (1.9 MB)
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| Item type | ディスカッションペーパー / Discussion Paper(1) | |||||||
|---|---|---|---|---|---|---|---|---|
| 公開日 | 2015-03-18 | |||||||
| タイトル | ||||||||
| タイトル | Revisiting Bank of Japan’s Policy Duration Commitment: Impact, Consequences and Challenges | |||||||
| 言語 | en | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | policy duration commitment | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | forward guidance | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | unconventional monetary policy | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | yield curve | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | central bank income | |||||||
| 資源タイプ | ||||||||
| 資源タイプ | technical report | |||||||
| ID登録 | ||||||||
| ID登録 (DOI) | 10.24545/00001166 | |||||||
| ID登録タイプ | JaLC | |||||||
| 著者 |
KINOSHITA, Tomohiro
× KINOSHITA, Tomohiro
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| 著者別名 | ||||||||
| 識別子Scheme | WEKO | |||||||
| 識別子 | 6892 | |||||||
| 姓名 | 木下, 智博 | |||||||
| 言語 | ja | |||||||
| 著者所属 | ||||||||
| 値 | 政策研究大学院大学 / National Graduate Institute for Policy Studies | |||||||
| 抄録 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | Forward guidance or more specifically policy duration commitment invented and developed by the Bank of Japan has become an essential part of unconventional monetary policy instruments employed by modern central banks. This paper’s simple empirical analysis finds that the market believes or perceives Bank of Japan’s policy duration commitment to be credible, which has in turn helped the Bank to manage expectations of future interest rates and control the level and shape of the yield curve at an extraordinarily low range. The suppressed yield curve has contributed to reduction of financing costs for businesses and households and has supported macroeconomic growth through the conventional interest rate channel of policy transmission. However, forward guidance including policy duration commitment does have difficulties. The magnitude of its impact has been time-variant, which appears to depend on evolution in policy frameworks and communication skills. More importantly, this paper projects that the extraordinarily low and flattened yield curve coupled with maturity extension of the Bank assets could pose threats to the future income of the central bank in the event of policy normalization, which could have unintended fiscal implications. | |||||||
| 発行年 | ||||||||
| 値 | 2015-03 | |||||||
| 書誌情報 |
en : GRIPS Discussion Papers Report No. DP14-25, 発行日 2015-03-18 |
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| 出版者 | ||||||||
| 出版者 | GRIPS Policy Research Center | |||||||
| 言語 | en | |||||||
| 関連サイト | ||||||||
| 関連タイプ | isIdenticalTo | |||||||
| 識別子タイプ | URI | |||||||
| 関連識別子 | https://ideas.repec.org/p/ngi/dpaper/14-25.html | |||||||
| 関連名称 | https://ideas.repec.org/p/ngi/dpaper/14-25.html | |||||||
| 著者情報 | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | https://www.grips.ac.jp/list/jp/facultyinfo/kinoshita_tomohiro/ | |||||||
| 著者版フラグ | ||||||||
| 出版タイプ | AM | |||||||
| 出版タイプResource | http://purl.org/coar/version/c_ab4af688f83e57aa | |||||||
