摘要
20世纪 90年代以前日本的货币政策为传统的利率诱导型 ,90年代以后 ,为了克服经济萧条 ,日本银行采取了大幅度放松银根的政策。1 995年在再贴现率降低为 0 .5 %的历史最低记录后 ,日本将作为操作目标的短期利率 (无担保银行隔夜拆款利率 )依次下调 ,1 999年 2月至 2 0 0 0年 8月间采取了所谓的零利率政策。日本银行想通过降低中长期利率来拉动总需求的增加。但是其货币政策传导效果并不理想 ,其原因之一是货币乘数下降。本文以 90年代为中心 ,考察日本货币乘数为什么下降 。
The monetary policy of Japan was the traditional type of interest rate inducement before 1990s, the Bank of Japan has adapted a policy to largely release money supply. In 1995, the rediscount rate was stepped down and attained 0.5%, which is the lowest historical record. From February of 1999 to August 2000, Japan has adopted the so\|called zero\|interest policy. The low interest rate policy was performed for the purpose of increasing the total demand, but the effect of this policy was not satisfactory. This paper explains why the money multiplier declined in the 1990s,and explores the measures to increase it.
出处
《世界经济》
CSSCI
北大核心
2003年第11期49-61,共13页
The Journal of World Economy
