Main Transmission Mechanisms Of The Central Bank Balance Sheet Policy In Japan

After the 21 st century,some monetary policy innovation practice of Federal Reserve,the Bank of Japan,the European Central Bank’s were expanded into a more advanced non-conventional monetary policy system-the "central bank balance sheet policy." Among them,the frequent changes of Japanese monetary policy operation tools and the transmission process is particularly valuable,with a lack of research.This paper has made a series of innovative progresses on completing theoretical framework and researching effect of the core mechanism conducted by the Bank of Japan’s balance sheet policy.One of the core transmission mechanisms of the Bank of Japan’s balance sheet policy is the expected transmission.Based on the new open economy macroeconomics(NOEM),the complete theoretical model of expected conduction is constructed,that is,under the condition of capital,output market and full employment equilibrium under the condition of open economy floating exchange rate under the total supply-aggregate demand model The impact of inflation in the policy impact,the use of structural model analysis of expected conduction in Japan inflation expectations,nominal exchange rate,nominal interest rate,real exchange rate,real interest rates,real impact of the impact of output mechanism.At the same time,the empirical study of the expected transmission mechanism has also been a series of conclusions,such as the study of inflation expectations for the gradual increase in the nominal interest rate effect;through the nominal exchange rate overshoot under the impact of price changes,confirmed the expected transmission in the nominal exchange rate and interest rate;Characterize the impact of financial markets and output on real interest rates and the devaluation of the yen;and confirm that the expected transmission mechanism does achieve short-and long-term effects on aggregate demand and real output.The second part of the core conduction mechanism is the transmission of assets and liabilities,and the elaboration of this mechanism is divided into two parts: theoretical conduction and regulation process.According to the Japanese central bank calendar year and other basic data,summed up the scale and structure of the regulation and change process,and then study the various types of assets and liabilities of the nature and role of adjustment,respectively,the scale of tools and structural tools to explore the mechanism.Scale tools to verify the real impact of the scale of expansion,the scale of tools and interest rate tools to work together,and the scale of the formation of the Bank of Japan profit to the financial transfer of the role of structural tools analysis,the phased study of assets and liabilities within the Focus on changes in accounting subjects.It starts with the components,the frequency of purchase and other aspects of the main assets,and then studies the assets of short-term government bonds,long-term government bonds and other alternative role.The structure of the internal account of the debt is adjusted to some conclusion,for example,the overnight purchase agreement in the financial market can play the same role as the deposit reserve account.In addition,there are some remaining problems(such as inadequate consideration of current interest rate instruments)due to the expected transmission mechanism itself;and the fact that the transfer mechanism of the asset-liability instrument itself is also difficult to test(eg,the lack of empirical models to quantify assets and debt The contribution of real output,it is difficult to sum up and reflect on real-time assets and liabilities with policy recommendations),in the fourth chapter respectively,the core of the two chapters of the transmission mechanism to conduct a brief review and expand the study.On the one hand,the author summarizes the theoretical research on interest rate tools in the first two chapters of this paper,and then concludes the empirical results of interest rate rules by combing dynamic stochastic general equilibrium(DSGE)model.In order to integrate the "asset-liability matrix model" and the "capital-liquidity model",the net effect of investment is used to replace the real output test monetary policy for the economic entity to stimulate the effect,and can accurately study more Finally,the Bank of Japan’s monetary policy in the current monetary policy active management methods,part of the policy recommendations,focusing on summing up the amount of money to produce positive effects of assets and debt collocation,as the Bank of Japan to deal with Economic recession.