金融政策の目標と政策決定過程

浅子和美 (立正大学経済学部), Spencer Christopher (School of Business and Economics, Loughborough University), 劉振濤 (厦門大学財務管理会計研究院)

Objectives and Makings of Monetary Policy in Japan

Kazumi Asako (Faculty of Economics, Rissho University), Christopher Spencer (School of Business and Economics, Loughborough University), Zhentao Liu (Institute for Financial and Accounting Studies, Xiamen University)

要旨Abstract

　Asako and Kanoh (1997) 等によって，日本銀行が公表する政策目標が実際にマクロ経済の安定化に役立ったことが計量分析によっても裏付けられているが，こうした評価が，ゼロ金利政策や量的緩和政策といった非伝統的金融政策下でも当てはまるのかを，1990年代以降のデータで検証する．モデル分析からは，新しいデータでは累積国債残高の役割が大きく変わった推計結果が得られ，その背景を検証する．また，金融政策決定会合での委員の投票行動の分析も行い，金融政策の目標設定と政策決定過程の相互関連を考察する．

　We attempt to identify significant objectives of monetary policy for the period from 1990 to 2013 and compare the results to those obtained by Asako and Kanoh (1997) for an earlier sample period. With the introduction of nontraditional monetary policy management such as zero-interest-rate policy and quantitative-easing policy, we find and examine some important shifts in the role of government bonds modeled by Asako and Kanoh as one of five stabilizing objectives of the monetary policy. We also look into the making of the monetary policy by focusing on the votes by the Bank of Japan Policy Board members.

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書誌情報Bibliographic information

Vol. 66, No. 2, 2015 , pp. 97-114
HERMES-IR（一橋大学機関リポジトリ）: https://doi.org/10.15057/27512
JEL Classification Codes: C51, E52, E58