| Description |
1 online resource (19 pages) : illustrations |
| Series |
IMF working paper ; WP/11/264 |
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IMF working paper ; WP/11/264
|
| Contents |
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; 1. Recent Conduct of Monetary Policy Measures by the Bank of Japan; II. Quantitative Assessment; 1. Current Status of Asset Purchase Program under the CME; A. Event Study Methodology; 2. Event Classification of Bank of Japan Monetary Easing Measures; B. Impact on Financial Markets; 3a. Impact of the Bank of Japan's Monetary Easing Measures on Financial Markets (Two-Trading Day Window); 3b. Impact of the Bank of Japan's Monetary Easing Measures on Financial Markets (Weekly Window) |
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2. Cross-sectional Cumulative Impact of BoJ's Monetary Easing Measures4. Impact from Fed's Quantitative Easing Measures; 3. Risk Appetite Improved following Monetary Easing Measures; III. Potential Impact of Further Asset Purchases; 5. Expected Impact on Assets from Portfolio Rebalance Model; 6. Asset Purchase Program and Relative Market Share; IV. Conclusion; References; Footnotes |
| Summary |
With policy rates near the zero bound, the Bank of Japan (BoJ) has introduced a series of unconventional monetary easing measures since late 2009 in response to lingering deflation and a weakening economy. These measures culminated in a new Asset Purchase Program under the Comprehensive Monetary Easing (CME) which differs from typical quantitative easing in other central banks by including purchases of risky asset in an effort to reduce term and risk premia. This note assesses the impact of monetary easing measures on financial markets using an event study approach. It finds that the BoJ's monetary easing measures has had a statistically significant impact on lowering bond yields and improving equity prices, but no notable impact on inflation expectations |
| Notes |
At head of title: Asia and Pacific Department |
|
Title from PDF title page (IMF Web site, viewed November 23, 2011) |
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"November 2011." |
| Bibliography |
Includes bibliographical references |
| Notes |
English |
| Subject |
Banks and banking, Central -- Japan
|
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Monetary policy -- Japan
|
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Banks and banking, Central
|
|
Monetary policy
|
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Japan
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| Form |
Electronic book
|
| Author |
International Monetary Fund. Asia and Pacific Department, issuing body
|
| ISBN |
1283560380 |
|
9781283560382 |
|
1463948166 |
|
9781463948160 |
|
1463959966 |
|
9781463959968 |
|
9786613872838 |
|
6613872830 |
|
1463997353 |
|
9781463997359 |
|
