Article | Proceedings of The 9th EUROSIM Congress on Modelling and Simulation, EUROSIM 2016, The 57th SIMS Conference on Simulation and Modelling SIMS 2016 | Efficiency of QEs in USA Through Estimation of Precautionary Money Demand Linköping University Electronic Press Conference Proceedings
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Title:
Efficiency of QEs in USA Through Estimation of Precautionary Money Demand
Author:
Yoji Morita: Department of Economics, Kyoto Gakuen University, Japan Shigeyoshi Miyagawa: Department of Economics, Kyoto Gakuen University, Japan
DOI:
10.3384/ecp1714281
Download:
Full text (pdf)
Year:
2018
Conference:
Proceedings of The 9th EUROSIM Congress on Modelling and Simulation, EUROSIM 2016, The 57th SIMS Conference on Simulation and Modelling SIMS 2016
Issue:
142
Article no.:
012
Pages:
81-91
No. of pages:
11
Publication type:
Abstract and Fulltext
Published:
2018-12-19
ISBN:
978-91-7685-399-3
Series:
Linköping Electronic Conference Proceedings
ISSN (print):
1650-3686
ISSN (online):
1650-3740
Publisher:
Linköping University Electronic Press, Linköpings universitet


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FRB adopted ”quantitative monetary easing” three times as QE1 (2008m11,2010m06), QE2 (2010m11,2011m06) and QE3 (2012m09,2014m12). In this paper, we showed that ”Reserve at the FRB“ is effective to the economy through a transmission path of a stock market in QE1, effective through housing price channel in QE2 and QE3, and effective through an exchange rate channel in QE3, where impulse responses in VAR model are calculated with ”reserve, stock prices, exchange rate, industrial production, and cpi_core (or housing price)“ in monthly data of USA. Furthermore, we investigated behaviors of M2 money in QEs periods. Decomposing M2 into transaction money demand and precautionary one, we estimated precautionary money demand as a function of industrial production, business condition denoted by napm and reserve at the FRB. We showed that increasing ”Reserve at the FRB“ is comparatively effective in QE1 rather than in QE2 and QE3 through the behavior of napm.

Keywords: QE1, QE2, QE3, nontraditional monetary policies

Proceedings of The 9th EUROSIM Congress on Modelling and Simulation, EUROSIM 2016, The 57th SIMS Conference on Simulation and Modelling SIMS 2016

Author:
Yoji Morita, Shigeyoshi Miyagawa
Title:
Efficiency of QEs in USA Through Estimation of Precautionary Money Demand
DOI:
http://dx.doi.org/10.3384/ecp1714281
References:
No references available

Proceedings of The 9th EUROSIM Congress on Modelling and Simulation, EUROSIM 2016, The 57th SIMS Conference on Simulation and Modelling SIMS 2016

Author:
Yoji Morita, Shigeyoshi Miyagawa
Title:
Efficiency of QEs in USA Through Estimation of Precautionary Money Demand
DOI:
https://doi.org10.3384/ecp1714281
Note: the following are taken directly from CrossRef
Citations:
No citations available at the moment


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Last updated: 2019-10-02