Empirical Study Of The Quantitative Easing Policy In Japan Affect Its Domestic Macroeconomic

After 2008 the international financial crisis, Japan’s domestic economy again falter, deflation and low interest rates co-exist, in order to improve the domestic economic environment, stimulating the real economy investment and consumption, the Bank of Japan from 2010 been implementing modest quantitative easing but to improve the domestic economic environment is not significant, and therefore, the Bank of Japan in order to get rid of the current situation of economic weakness, decided to implement a super-scale quantitative easing from 2012.This paper studies the implementation of the policy during the current round of quantitative easing in Japan, publishing and the main leaders of the Bank of Japan monetary policy meeting resolutions official public statements and other information regarding the quantitative easing policy unofficial channels about the policies issued by the policy implementation effect play what kind of effect.The first chapter of the paper describes the background and significance of this paper, a detailed analysis about the current round of quantitative easing in Japan and abroad for studies and rhetoric, and on this basis, this paper proposed innovation is the introduction of information dummies released in Japan to study the effect of the implementation of quantitative easing, and proposed research ideas and methods described herein.The second chapter from several different perspective of the history of the development of quantitative easing, and focus on combing the real economy monetary policy transmission mechanism of the arguments between different schools of thought, combined with the background of the implementation of Japan’s quantitative easing policy put forward their point of view.The third chapter is based on previous research on monetary policy presented econometric model used herein is GARCH model, combined with Japan’s domestic economic factors to select the appropriate control variables and dummy variables.The fourth chapter of the latest data variables selected on the basis of Chapter III model, the model had broken down, and the relevant empirical test, and the test results were analyzed.The fifth chapter is a combination of the results of empirical study analysis, the corresponding conclusions, and on this basis, the sort of revelation to the relevant quantitative easing monetary policy.