研究者紹介

本多 佑三 プロフィール写真

研究統括 本多 佑三

  • 大阪学院大学教授、大阪大学名誉教授
  • 金融論、計量経済学

学歴

米国プリンストン大学大学院修了(Ph.D. in Economics)

職歴

大阪大学金融・保険教育研究センター長
大阪大学大学院経済学研究科科長・学部長等を歴任
APIR上席研究員(~2017年9月)

主な著作物

『計量経済学における大標本検定』、1990年、神戸大学研究双書刊行会・有斐閣
『日本の景気-バブルそして平成不況の動学実証分析』(編)、1995年、有斐閣
"The Effects of the Basle Accord on Bank Credit: The Case of Japan", 2002,
Applied Economics, Vol.34, July, pp.1233-1239.
"Bank Capital Regulations and the Transmission Mechanism", 2004, Journal of Policy Modeling,Vol.26, Issue 6, September, pp. 675-688.
"Financial and Capital Markets' Response to Changes in the Central Bank's Target Interest Rate: The Case of Japan" (co-authored with Yoshihiro Kuroki), 2006, Economic Journal, Vol.116, No.513, July, pp.812-842.
『はじめての金融 新版』 (有斐閣ブックス)、2011年、有斐閣
"The Effectiveness of Nontraditional Monetary Policy: The Case of Japan", 2014, The Japanese Economic Review, Vol.65, No.1, March, pp.1-23.

論文一覧

本多 佑三

ディスカッションペーパー

The effectiveness of the negative interest rate policy in Japan: An early assessment

[ ディスカッションペーパー ] AUTHOR本多 佑三 DATE2018-10-16

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Abstract/Keywords

Negative interest rates, Residential/nonresidential investment, Foreign exchange rates

This paper provides an early assessment of the effects of the negative interest rate policy (NIRP) introduced by the Bank of Japan in January 2016. We find that the NIRP has effectively stimulated private residential investment, and by lowering long-term interest rates, has likely also supported private nonresidential investment. There is also reason to believe the policy has likely halted the appreciation of the yen and arrested the downward trend in Japanese stock prices around August 2016. Overall, we find that the NIRP has had expansionary effects on the Japanese economy, and therefore serves as a legitimate policy tool in alleviating Japan’s zero-interest rate lower bound, notwithstanding some potential negative side effects.