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Nakajima, J. (2011) Monetary Policy Transmission under Zero Interest Rates: An Extended Time-Varying Parameter Vector Autoregressive Approach. B.E. Journal of Macroeconomics, 11, Article 32. https://doi.org/10.2202/1935-1690.2323

has been cited by the following article:

• TITLE: Do the Bank of Japan’s Unconventional Monetary Policies Decrease Real Interest Rates under a Zero Lower Bound?

  AUTHORS: Yoshito Funashima

  KEYWORDS: Unconventional Monetary Policy, Real Interest Rate, Zero Lower Bound

  JOURNAL NAME: Open Journal of Social Sciences, Vol.6 No.7, July 25, 2018

  ABSTRACT: To test Paul Krugman’s pioneering proposal for escaping from liquidity traps, this study examines whether unconventional monetary policies under a zero lower bound decrease real interest rates in Japan. We find a sizable decline in real interest rates under zero interest rate policy and Abenomics monetary policy. In addition, we find no significant decline in real interest rates under other unconventional monetary policies, such as the first quantitative easing and comprehensive monetary easing.