Financial and Capital Markets’ Responses to Changes in the Central Bank’s Target Interest Rate
The Case of Japan
Datos Bibliográficos
| ID | 9705498 |
|---|---|
| Autores | Yuzo Honda (0000-0002-8337-1549, The University of Osaka), Yoshihiro Kuroki (Chuo University) |
| Año | 2006 |
| Volumen | 116 |
| Número | 513 |
| Páginas | 812-842 |
| Fecha de publicación | 2006-07-01 |
| Peer Reviewed | Sí |
| Open Access | Sí |
| Tipo | ARTICLE |
| Revista | The Economic Journal (JOURNAL) |
| Identificadores de la revista | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Editorial | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2006.01113.x |
| OpenAlex | W2085484424 |
| Idioma | EN |
| Citas recibidas | 4 |
| Referencias citadas | 12 |
We propose new proxy variables for monetary policy shocks in Japan for the period from July 1989 to March 2001 and investigate the effects of changes in the policy target variable on stock prices and the term structure of interest rates. We find that changes in the surprise component of the target variable significantly affect both intermediate-term and long-term interest rates. A surprise decrease in the target rate of 1% leads, on average, to a 3% increase in stock prices. The magnitudes of estimated reactions of financial variables are similar in Japan and the US. Copyright 2006 The Authors. Journal compilation Royal Economic Society 2006
Ancient history · Business · Capital (architecture · Central bank · Economic history · Economics · Financial system · Interest rate · Monetary economics · Monetary policy · Political science · Economic Policies and Impacts · Finance · Global Financial Crisis and Policies · History · Monetary Policy and Economic Impact
| Obras citantes distintas | 4 |
|---|---|
| Citas por año | 0,27 |
| Intervalo de citas | 2011 - 2026 (16) |
| Velocidad de citación | current |
| Altamente citado | No |
| Tipos de cita | Neutras: 4 |