@article{ART002521439},
author={Yeom, Dong-ho},
title={Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan},
journal={Analyses & Alternatives},
issn={2508-822X},
year={2018},
volume={2},
number={2},
pages={143-162},
doi={10.22931/aanda.2018.2.2.006}
TY - JOUR
AU - Yeom, Dong-ho
TI - Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan
JO - Analyses & Alternatives
PY - 2018
VL - 2
IS - 2
PB - Korea Consensus Institute
SP - 143
EP - 162
SN - 2508-822X
AB - This paper focuses on the policy framework about “Quantitative and Qualitative Easing (QQE)” of Japan, and analyzes reasons why the policy goal was not reached. The QQE was introduced by the Bank of Japan in 2013 with the purpose of meeting the price stability target of 2% and getting out of deflation that prevents sustained price decline.
However, despite the implementation of the bold monetary easing policy unprecedented in the world, the policy goal was not achieved as of June 2018.
As a result of analyzing the causes, the following three structural factors were confirmed.
1) The rise in prices by QQE was limited because Japan’s consumer price is strongly depending on import price. 2) The effect is high degree of uncertainty and limited because theoretical framework of reflationist which adopted QQE depends on “expectation formation” by “self-fulfilling expectation” and “multiple equilibria”. 3) It was confirmed that the expansion of the monetary base did not lead to money stock due to the existence of Japanese liquidity trap, long-term low interest rate policy
KW - Abenomics;Reflationist;QQE;Price stability target;Self-fulfilling expectation;Multiple equilibria;Monetary base
DO - 10.22931/aanda.2018.2.2.006
ER -
Yeom, Dong-ho. (2018). Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan. Analyses & Alternatives, 2(2), 143-162.
Yeom, Dong-ho. 2018, "Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan", Analyses & Alternatives, vol.2, no.2 pp.143-162. Available from: doi:10.22931/aanda.2018.2.2.006
Yeom, Dong-ho "Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan" Analyses & Alternatives 2.2 pp.143-162 (2018) : 143.
Yeom, Dong-ho. Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan. 2018; 2(2), 143-162. Available from: doi:10.22931/aanda.2018.2.2.006
Yeom, Dong-ho. "Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan" Analyses & Alternatives 2, no.2 (2018) : 143-162.doi: 10.22931/aanda.2018.2.2.006
Yeom, Dong-ho. Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan. Analyses & Alternatives, 2(2), 143-162. doi: 10.22931/aanda.2018.2.2.006
Yeom, Dong-ho. Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan. Analyses & Alternatives. 2018; 2(2) 143-162. doi: 10.22931/aanda.2018.2.2.006
Yeom, Dong-ho. Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan. 2018; 2(2), 143-162. Available from: doi:10.22931/aanda.2018.2.2.006
Yeom, Dong-ho. "Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan" Analyses & Alternatives 2, no.2 (2018) : 143-162.doi: 10.22931/aanda.2018.2.2.006
