Economics, Econometrics and Finance
6 years ago

Bank of Japan's Policies Successfully Decrease Real Interest Rates at Zero Lower Bound.

Open Journal of Social Sciences
Do the Bank of Japan’s Unconventional Monetary Policies Decrease Real Interest Rates under a Zero Lower Bound?
Yoshito Funashima

Paper Summary

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The study looked at whether certain monetary policies in Japan lower real interest rates when the regular interest rates are already at zero. They found that the zero interest rate policy and Abenomics monetary policy did decrease real interest rates significantly. However, other unconventional monetary policies like the first quantitative easing and comprehensive monetary easing did not have the same effect on real interest rates.