论文标题
测试日本和美国非常规货币政策的有效性
Testing the effectiveness of unconventional monetary policy in Japan and the United States
论文作者
论文摘要
非常规货币政策（UMP）可以使短期利率的有效下限（ELB）无关紧要。我们开发了一个理论模型，该模型是基于对该“无关假设”的经验检验的基础，基于一个简单的想法，即在假设下，在任何经验模型中都可以将短期率排除在任何经验模型中，以说明货币政策的替代措施。我们使用ELB使用结构矢量自回归模型来检验日本和美国的假设。我们坚定地拒绝了这一假设，但发现UMP的影响很大。
Unconventional monetary policy (UMP) may make the effective lower bound (ELB) on the short-term interest rate irrelevant. We develop a theoretical model that underpins our empirical test of this `irrelevance hypothesis' based on the simple idea that under the hypothesis, the short rate can be excluded in any empirical model that accounts for alternative measures of monetary policy. We test the hypothesis for Japan and the United States using a structural vector autoregressive model with the ELB. We firmly reject the hypothesis but find that UMP has had strong delayed effects.
