Hayashi, Fumio; Koeda, Junko - In: Quantitative Economics 10 (2019) 3, pp. 1069-1107
inflation and output, and that terminating QE may be contractionary or expansionary, depending on the state of the economy at …We propose an empirical framework for analyzing the macroeconomic effects of quantitative easing (QE) and apply it to … Japan. The framework is a regime‐switching structural vector autoregression in which the monetary policy regime, chosen by …