Macroeconomic effects of quantitative and qualitative monetary easing measures

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13 Citations (Scopus)


We estimate a structural vector autoregressive model with an effective lower bound of nominal interest rates (ELB) using Japanese macroeconomic and financial data from the mid-1990s to the end of 2016. The estimated results show that the Bank of Japan's quantitative and qualitative easing (QQE) policy increased output via “pure” quantitative easing when the first-year's QQE level effect was controlled, complemented by qualitative easing. Our nonlinear counter-factual analyses show that raising the ELB or lowering an inflation threshold in forward guidance is not necessarily contractionary.

Original languageEnglish
Pages (from-to)121-141
Number of pages21
JournalJournal of The Japanese and International Economies
Publication statusPublished - 2019 Jun


  • Effective lower bound of nominal interest rates
  • Forward guidance
  • Maximum likelihood
  • Quantitative and qualitative monetary easing policy
  • Structural vector autoregression

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics
  • Political Science and International Relations


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