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日本央行:日本量化宽松的启示
Federal Reserve Bank of Dallas
Globalization and Monetary Policy Institute
Working Paper No. 42
/institute/wpapers/2010/0042.pdf
Size and Composition of the Central Bank Balance Sheet: Revisiting
*
Japan’s Experience of the Quantitative Easing Policy
Shigenori Shiratsuka
Institute for Monetary and Economic Studies
Bank of Japan
January 2010
Abstract
This paper re-examines Japan’s experience of the quantitative easing policy in light of the
policy responses against the current financial and economic crisis. Central banks use various
unconventional measures in the range of financial assets being purchased and in the scale of
such purchases. As the scope of such unconventional measures expands, it is often
emphasized that the U.S. Federal Reserve policy reactions focus more on the asset side of its
balance sheet, the so-called credit easing. By contrast, the Bank of Japan’s quantitative easing
policy from 2001 to 2006 set a target for the current account balances, the liability side of its
balance sheet. It is crucial to understand that central banks combine the two elements of
their balance sheets, size and composition, to enhance the overall effects of unconventional
policy measures, given constraints on policy implementation.
JEL codes : E44, E52, E58
*
Shigenori Shiratsuka, 2-1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo 103-8660, Japan. +81-(0)3-
3277-3076. shigenori.shiratsuka@boj.or.jp. I benefited from the discussions with Shin-ichi Fukuda,
Takatoshi
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