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Monetary Policy and Economic Activity in Japan, Korea, and the United States

R. Anton Braun|Etsuro Shioji
경제연구소 (Hanyang Economic Research Institute)|2006.03|Seoul Journal of Economics|제19권 제1호|pp. 111-146

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참고문헌

주제분류경제학

초록

Abstract

A cornerstone of central bank policy is that a looser monetary policy is associated with lower interest rates, higher growth of narrow monetary aggregates, higher output and higher inflation. These responses, which we collectively refer to as the liquidity effect hypothesis, are commonly maintained in practice but are at odds with some leading models of money. This paper proposes and implements a methodology for assessing the liquidity effect hypothesis with two other hypotheses: The costly price adjustment hypothesis and the inflation tax hypothesis. We find surprisingly little support for the liquidity effect hypothesis in Japanese or U.S. data. The liquidity effect hypothesis receives its strongest support in Korean data.

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관련 논문AI추천

Monetary Stabilization Policy during Economic Crisis: Case of Korea김세직, 정재식한국경제학회 · The Korean Economic Review2004 · 제20권 제1호Comparing the Effectiveness of the Monetary Policies in Korea and Japan김상기, 임근형경제연구소 · Seoul Journal of Economics2021 · 제34권 제2호AN EMPIRICAL ASSESSMENT OF THE KOREAN MONETARY POLICY SINCE THE FOREIGN EXCHANGE CRISIS조성훈한국경제학회 · The Korean Economic Review2007 · 제23권 제2호An Assessment of Structural Reforms in Korea: Implications for Economic Revival in Japan박종규, 조윤제경제연구소 · Seoul Journal of Economics2003 · 제16권 제2호Monetary Policy, Inflation and Economic Activity. The Case of ChileVittorio Corbo한국라틴아메리카학회 · 라틴아메리카연구2005 · 제18권 제2호Reflections on Fiscal Policy Reactions to the Korean Economic Crisis박종규한국학중앙연구원 · Korea Journal2002 · 제42권 제1호

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