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We examine how the Bank of Japan’s purchase of exchange traded funds (ETFs) affects companies’ profit, innovation investment, and governance using a difference-in-differences method. The Bank of Japan has purchased ETFs tracking Nikkei 225 and TOPIX since December 2010. The results show that...
Persistent link: https://www.econbiz.de/10013238296
This study re-examines the effects of monetary policy using Japanese data and a new approach, the shift-share regressor and instrumental variables, which has not been used in previous vector autoregression analyses. We find that consumption and investment respond negatively to interest rates,...
Persistent link: https://www.econbiz.de/10014260003
This study re-examines the effects of monetary policy using Japanese data and a new approach, the shift-share regressor and instrumental variables, which has not been used in previous vector autoregression analyses. We find that consumption and investment respond negatively to interest rates,...
Persistent link: https://www.econbiz.de/10014257183
This study aims to examine whether a reserve requirement system constrains bank behavior. In Japan, a system is applied to certain regional banks where required reserve ratios are imposed based on the amount of their deposits. Using a natural experiment, we perform a bunching estimation to...
Persistent link: https://www.econbiz.de/10013324347
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This paper empirically establishes the significant roles of transport costs in price dispersions across regions. We identify and estimate the iceberg-type distance-elastic transport costs as a parameter of a structural model of cross-regional price differentials featuring product delivery...
Persistent link: https://www.econbiz.de/10008492160
This paper empirically establishes the significant roles of transport costs in price dispersions across regions. We identify and estimate the iceberg-type distance-elastic transport costs as a parameter of a structural model of cross-regional price differentials featuring product delivery...
Persistent link: https://www.econbiz.de/10010547920