The Bank of Japan (BoJ) conducts an unconventional monetary policy that includes exchange-traded fund (ETF) purchases, which can be expected to affect aggregate equity indices. As equity ETF purchases represent a unique and exceptional monetary policy framework, there are few studies on how such...

The Bank of Japan (BoJ) conducts an unconventional monetary policy that includes exchange-traded fund (ETF) purchases, which can be expected to affect aggregate equity indices. As equity ETF purchases represent a unique and exceptional monetary policy framework, there are few studies on how such...

Introduction: Historical Fiasco of the Monetary Policy -- Consumer Prices in Japan are Determined by Costs -- There is No Monetary Policy Working on Inflation Expectations -- The Bank of Japan under Kuroda has Abandoned the Reflationist Theory -- Revisiting the Controversy on the Money Supply --...