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政大機構典藏 > 商學院 > 國際經營與貿易學系 > 國科會研究計畫 > Item 140.119/109729

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/109729

Title:	調查預測無效率之原因：政治壓力與誤解
Authors:	荒井夏來
Contributors:	國貿系
Keywords:	利率零下限;非常規貨幣政策;識別不均一分散;日本銀行 Zero Lower Bound;Unconventional Monetary Policy;Identification through Heteroscedasticity;Bank of Japan
Date:	2016
Issue Date:	2017-05-17 16:30:09 (UTC+8)
Abstract:	本文藉由1998 - 2013年日本數據，研究貨幣政策在名義利率零下限狀況中的影響。我發現，擴張性貨幣政策衝擊的作用會直接影響公司債券收益率，特別是在高級公司債券收益率上。然而，預估之流轉股票價格和匯率的幅度大大地小於美國，且在多數情況中於統計上是不顯著的。 This paper investigates the effects of monetary policy announcements at the zero lower bound using Japanese data from 1998 to 2013. I find that the effect of expansionary monetary policy shocks is directly passed on to corporate bond yields, notably for high-grade corporate bond yields. However, the magnitude of estimated pass-through to stock prices and the exchange rate is substantially smaller than in the U.S., and not statistically significant in most cases.
Relation:	MOST 104-2410-H-004-208
Data Type:	report
Appears in Collections:	[國際經營與貿易學系 ] 國科會研究計畫

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