Change in the Operating Target of BOJ Monetary Policy(Special Issue Dedicated to Professor Kuniyuki SHOYA)

IR Web Site

Bibliographic Information

Other Title
  • 日本銀行の政策転換 : 金利目標から量的目標へ(庄谷邦幸教授退任記念号)
  • ニホン ギンコウ ノ セイサク テンカン キンリ モクヒョウ カラ リョウテキ モクヒョウ エ

Search this article

Abstract

BOJ changed the main operating target for money market operations from the current uncollateralized overnight call rate to the outstanding balance of the current accounts at the Bank of Japan on 19th March in 2001. This change in the main operating target is the first experience in the BOJ history. We will research the minutes of the monetary policy meeting and newspapers, and make clear the issues in the decision making of the policy change. As a result, we got the conclusion that there were some illusions on the quantity theory of money and the hard political pressure from outside of BOJ. So there were no rational reasons in the policy change except political reasons.

5

KJ00005058166

論文

Article

Journal

Keywords

Details 詳細情報について

Report a problem

Back to top